KEY EVENTS TO WATCH FOR:
Tuesday, August 24, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +15.6%)
Latest Wk, Y/Y% (previous +15.0%)
10:00 AM ET. August Richmond Fed Business Activity Survey
Mfg Idx (previous 27)
Shipments Idx (previous 21)
10:00 AM ET. July New Residential Sales
New Home Sales (previous 676K)
New Home Sales, M/M% (previous -6.6%)
New Home Sales Months Supply (previous 6.3)
1:00 PM ET. July Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -1.2M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.0M)
Distillate Stocks, Net Chg (Bbls) (previous +0.5M)
Wednesday, August 25, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 725.4)
Composite Idx, W/W% (previous -3.9%)
Purchase Idx-SA (previous 249.9)
Purchase Idx-SA, W/W% (previous -0.8%)
Refinance Idx (previous 3490.2)
Refinance Idx, W/W% (previous -5.3%)
8:30 AM ET. July Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0.8%)
Dur Goods, Ex-Defense, M/M% (previous +1.0%)
Dur Goods, Ex-Transport, M/M% (previous +0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 435.544M)
Crude Oil Stocks, Net Chg (Bbl) (previous -3.233M)
Gasoline Stocks (Bbl) (previous 228.165M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.696M)
Distillate Stocks (Bbl) (previous 137.814M)
Distillate Stocks, Net Chg (Bbl) (previous -2.697M)
Refinery Usage (previous 92.2%)
Total Prod Supplied (Bbl/day) (previous 21.463M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.949M)
Thursday, August 26, 2021
8:30 AM ET. 2nd Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous +6.5%)
Chain-Weighted Price Idx, Q/Q% (previous +6.0%)
Corporate Profits, Q/Q% (previous +7.0%)
PCE Price Idx, Q/Q% (previous +6.4%)
Purchase Price Idx, Q/Q% (previous +5.7%)
Real Final Sales, Q/Q% (previous +7.7%)
Core PCE Price Idx, Q/Q% (previous +6.1%)
Consumer Spending, Q/Q% (previous +11.8%)
8:30 AM ET. 2nd Quarter Preliminary Corporate Profits
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 348K)
Jobless Claims, Net Chg (previous -29K)
Continuing Claims (previous 2820000)
Continuing Claims, Net Chg (previous -79K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 726.6K)
Soybeans (Metric Tons) (previous 2209.8K)
Wheat (Metric Tons) (previous 306.7K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2822B)
Working Gas In Storage, Net Chg (Cbf) (previous +46B)
11:00 AM ET. August Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 41)
6-Mo Exp Prod Idx (previous 48)
Mfg Composite Idx (previous 30)
6-Mo Exp Composite Idx (previous 33)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, August 27, 2021
8:30 AM ET. July Personal Income & Outlays
Personal Income, M/M% (previous +0.1%)
Consumer Spending, M/M% (previous +1.0%)
PCE Price Idx, M/M% (previous +0.5%)
PCE Price Idx, Y/Y% (previous +4.0%)
PCE Core Price Idx, M/M% (previous +0.4%)
PCE Core Price Idx, Y/Y% (previous +3.5%)
8:30 AM ET. July Advance Economic Indicators Report
10:00 AM ET. August University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 81.2)
End-Mo Expectations Idx (previous 79.0)
12-Month Inflation Forecast (previous 4.7%)
5-Year Inflation Forecast (previous 2.8%)
End-Mo Current Idx (previous 84.5)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it extends the rally off last-Thursday's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends Monday's upside breakout of the July-August trading range into uncharted territory, upside targets will be hard to project. Closes below last-Thursday's low crossing at 14,710.50 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 15,384.00. Second resistance is unknown. First support is last-Thursday's low crossing at 14,710.50. Second support is the July 19th low crossing at 14,445.00.
The September S&P 500 was was higher overnight as it extends the rally off last-Thursday's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4354.16 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4492.00. Second resistance is unknown. First support is the 50-day moving average crossing at 4354.16. Second support is July's low crossing at 4224.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight as it consolidates some of the rally off August's low. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, the July 20th high crossing at 167-04 is the next upside target. Closes below the 50-day moving average crossing at 163-02 would signal that a short-term top has been posted. First resistance is the July 20th high crossing at 167-04. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 169-10. First support is the 10-day moving average crossing at 164-27. Second support is the 50-day moving average crossing at 163-02.
September T-notes were slightly lower overnight as it extends the trading range of the past six-days. Overnight weakness sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September resumes the rally off August's low, August's high crossing at 135.140 is the next upside target. Closes below the 50-day moving average crossing at 133.176 would signal that a short-term top has been posted. First resistance is August's high crossing at 135.140. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 136.087. First support is the 50-day moving average crossing at 133.176. Second support is the July 14th low crossing at 132.300.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:October crude oil was higher overnight as it extends Monday's huge short covering rally.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $68.02 would signal that a short-term low has been posted. If October resumes the decline off the late-July high, May's low crossing at $60.68 is the next downside target. First resistance is the 10-day moving average crossing at $66.27. Second resistance is the 20-day moving average crossing at $68.02. First support is May's low crossing at $60.68. Second support is the 38% retracement level of the 2020-2021-rally crossing at $58.13.
October heating oil was higher overnight as it extends Monday's short covering rebound. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $2.0772 would signal that a short-term low has been posted. If October renews the decline off the late-July high, the April 26th low crossing at $1.8490 is the next downside target. First resistance is the 10-day moving average crossing at $2.0332. Second resistance is the 20-day moving average crossing at $2.0772. First support is last-Friday's low crossing at $1.8971. Second support is the April 26th low crossing at $1.8490.
October unleaded gas was higher overnight as it extends the short covering rally off Monday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.0911 would signal that a short-term low has been posted. If October renews the decline off July's high, the 25% retracement level of the 2020-2021-rally crossing at 1.8585 is the next downside target. First resistance is the 10-day moving average crossing at 2.0385. Second resistance is the 50-day moving average crossing at $2.0911. First support is the 25% retracement level of the 2020-2021-rally crossing at 1.8585. Second support is the April 26th low crossing at 1.7847.
October Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off August's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 3.988 would signal that a short-term low has likely been posted. If October renews the decline off August's high, the 50-day moving average crossing at 3.749 is the next downside target. First resistance resistance is the 20-day moving average crossing at 3.988. Second resistance is August's high crossing at 4.211. First support is the 50-day moving average crossing at 3.762. Second support is the July 16th low crossing at 3.583.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was slightly higher overnight as it consolidates some of Monday's sharp decline. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $92.72 would confirm that a short-term top has been posted. If September resumes the rally off July's low, the 87% retracement level of the 2020-2021-decline crossing at $93.87 is the next upside target. First resistance is last-Friday's high crossing at $93.75. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at $93.87. First support is the 20-day moving average crossing at $92.72. Second support is the 50-day moving average crossing at $92.49.
The September Euro was lower overnight as it consolidates some of the rebound off last-Friday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $117.84 would signal that a short-term low has been posted. If September extends the decline off July's high crossing at $119.16, the 50% retracement level of the 2020-2021-rally crossing at $116.07 is the next downside target. First resistance is the 20-day moving average crossing at $117.84. Second resistance is the 50-day moving average crossing at $118.41. First support is last-Friday's low crossing at $116.69. Second support is the 50% retracement level of the 2020-2021-rally crossing at $116.07.
The September British Pound was slightly lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3836 would signal that a short-term low has been posted.If September extends the decline off July's high, the July 2nd low crossing at 1.3733 is the next downside target. First resistance is the 50-day moving average crossing at 1.3836. Second resistance is July's high crossing at 1.3985. First support is last-Friday's low crossing at 1.3602. Second support is the July 2nd low crossing at 1.3733.
The September Swiss Franc was steady to slightly lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off August's low, August's high crossing at 1.1100 is the next upside target. If September renews the decline off August's high, July's low crossing at 1.0801 is the next downside target. First resistance is the August 17th high crossing at 1.0997. Second resistance is August's high crossing at 1.1100. First support is August's low crossing at 1.0828. Second support is July low crossing at 1.0801.
The September Canadian Dollar was higher overnight as it extended the short covering rally off last-Friday's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 79.52 would signal that a short-term low has been posted. If September renews the decline off July's high, the 50% retracement level of the 2020-2021-rally crossing at $76.02 is the next downside target. First resistance is the 20-day moving average crossing at 79.52. Second resistance is the 50-day moving average crossing at $79.98. First support is last-Friday's low crossing at $77.23. Second support is the 50% retracement level of the 2020-2021-rally crossing at $76.02.
The September Japanese Yen was steady to slightly lower overnight while extending the July-August trading range. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off August's low, August's high crossing at 0.092000 is the next upside target. Closes below the 50-day moving average crossing at 0.090805 would temper the near-term neutral to friendly outlook. Closes below the August 11th low crossing at 0.090270 would open the door for a possible test of July's low crossing at 0.089635. First resistance is August's high crossing at 0.092000. Second resistance is May's high crossing at 0.092295. First support is the August 11th low crossing at 0.090270. Second support is July's low crossing at 0.089635.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS:Decembergold was steady to slightly higher overnight as it extends the rally off August's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, August's high crossing at $1835.90 is the next upside target. First resistance is Monday's high crossing at $1809.10. Second resistance is August's high crossing at $1835.90. First support is the 10-day moving average crossing at $1782.60. Second support is August's low crossing at $1677.90.
September silver was higher overnight while extending this month's trading range. Overnight strength sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $24.206 would signal that a short-term low has been posted. If September resumes the decline off August's high, the 50% retracement level of the 2020-rally crossing at $21.344 is the next downside target. First resistance is the 20-day moving average crossing at $24.206. Second resistance is the 50-day moving average crossing at $25.284. First support is August's low crossing at $22.295. Second support is the 50% retracement level of the 2020-rally crossing at $21.344.
September copper was higher overnight as it extends the rebound off last-Thursday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.3209 would confirm that a short-term low has been posted. If September renews the decline off July's high, the 38% retracement level of the 2020-2021-rally crossing at 3.8146 is the next downside target. First resistance is the 10-day moving average crossing at 4.2441. Second resistance is the 20-day moving average crossing at 4.3210. First support is last-Thursday's low crossing at 3.9615. Second support is the 38% retracement level of the 2020-2021-rally crossing at 3.8146.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was higher overnight due to short covering as it bounced off the March-July uptrend line. Overnight gains were supported by Monday's crop conditions report, which showed a 2% decline in the good/excellent rating for this year's corn crop. The high-range overnight trade sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends last-week's decline, July's low crossing at $5.07 is the next downside target. Closes above the 10-day moving average crossing at $5.56 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.56 1/4. Second resistance is August's high crossing at $5.94 1/4. First support is Monday's low crossing at $5.29 1/2. Second support is July's low crossing at $5.07.
September wheat was lower overnight and remains poised to extend the decline off August's high. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, the 50-day moving average crossing at $6.86 1/4 is the next downside target. Closes above the 10-day moving average crossing at $7.35 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.35. Second resistance is August's high crossing at $7.74 3/4. First support is last-Friday's low crossing at $7.09 1/4. Second support is the 50-day moving average crossing at $6.86 1/4.
September Kansas City wheat was lower overnight and is poised to extend the decline off August's high. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $6.95 1/4 would confirm that a short-term top has been posted. If September resumes the rally off July's low, the 38% retracement level of the 2008-2019 decline crossing at $7.64 1/4 is the next upside target. First resistance is the 38% retracement level of the 2008-2019 decline on the monthly continuation chart crossing at $7.64 1/4. Second resistance is May-2014 high on the monthly continuation chart crossing at $8.55 1/2. First support is last-Friday's low crossing at $6.95 1/4. Second support is the 25% retracement level of the 2020-2021-rallycrossing at $6.82 1/4.
September Minneapolis wheat was lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September renews the rally off June's low, the September-2011 high on the monthly continuation chart crossing at $9.83 1/2 is the next upside target. Closes below the August 6th low crossing at $8.91 would signal that a short-term top has been posted. First resistance is August's high crossing at $9.53. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.83 1/2. First support is the August 6th low crossing at $8.91. Second support is the July 26th low crossing at $8.70.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were higher overnight as they consolidate some of the decline off last-Tuesday's high. Monday's crop conditions report showed a 1% decline in the good/excellent ratings. Overnight strength set the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are diverging and turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $13.37 3/4 would confirm that a short-term low has been posted. If November renews last-week's decline, June's low crossing at $12.40 1/2 is the next downside target. First resistance is last-Tuesday's high crossing at $13.79 3/4. Second resistance is the July 19th high crossing at $14.18. First support is last-Friday's low crossing at $12.77 1/4. Second support is June's low crossing at $12.40 1/2.
December soybean meal was higher overnight as it consolidates some of Monday's decline. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If December extends last-week's decline, August's low crossing at $348.60 is the next downside target. Closes above the 50-day moving average crossing at $362.90 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $362.90. Second resistance is the July 21st high crossing at $375.70. First support is Monday's low crossing at $348.60. Second support is June's low crossing at $347.00.
December soybean oil was higher overnight as it consolidates some of last-week's decline. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 61.36 are needed to confirm that a short-term low has been posted. If December resumes the decline off July's high, June's low crossing at 51.98 is the next downside target. First resistance is last-Monday's high crossing at 64.00. Second resistance is the July 29th high crossing at 65.04. First support is last-Friday's low crossing at 56.42. Second support is June's low crossing at 51.98.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed down $1.03 at $87.60.
October hogs closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at $89.78 would confirm that a short-term low has been posted. If October resumes the decline off July's high, June's low crossing at $80.90 is the next downside target. First resistance is August's high crossing at $91.73. Second resistance is July's high crossing at $94.05. First support is August's low crossing at $83.32. Second support is June's low crossing at $80.90.
October cattle closed up $3.00 at $132.05.
October cattle gapped up and closed limit-up on Monday marking an upside breakout of the June-August trading range. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off the July 19th low, the May-2017 high on the monthly continuation chart crossing at $134.55 is the next upside target. Closes below the 50-day moving average crossing at $127.66 would signal that a short-term top has been posted. First resistance is today's high crossing at $132.63. Second resistance is the May-2017 high on the monthly continuation chart crossing at $134.55. First support is the August 6th low crossing at $125.82. Second support is the July 19th low crossing at $124.05.
September Feeder cattle closed up $2.00 at $167.50.
September feeder cattle closed sharply higher on Monday as it extended last-extended last-Friday's breakout of the July-August trading range. The mid-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84 is the next upside target. Closes below the 50-day moving average crossing at $161.07 would confirm that a short-term top has been posted. First resistance is today's high crossing at $169.53. Second resistance is the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84. First support is the 50-day moving average crossing at $161.07. Second support is the July 19th low crossing at $156.58.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed higher on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the August 13th high crossing at $187.35 would signal that a short-term low has been posted. If September renews the decline off July's high, the 50-day moving average crossing at $169.03 is the next downside target.
December cocoa closed lower on Monday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.28 would signal that a short-term top has been posted. If December extends the rally off July's low, weekly resistance on the continuation chart crossing at 27.07 is the next upside target.
October sugar closed unchanged on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 19.03 would signal that a short-term top has been posted. If October extends the rally off July's low, the February-2017 high on the monthly continuation chart crossing at 21.49 is the next upside target.
December cotton closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 91.90 would signal that a short-term top has been posted. If December resumes the rally off May's low, weekly resistance on the continuation chart crossing at 97.35 is the next upside target.