KEY EVENTS TO WATCH FOR:
Friday, September 3, 2021
8:30 AM ET. August U.S. Employment Report
Non-Farm Payrolls (previous +943K)
Unemployment Rate (previous 5.4%)
Avg Hourly Earnings (USD) (previous 30.54)
Avg Hourly Earnings-Net Chg (USD) (previous +0.11)
Avg Hourly Earnings, M/M% (previous +0.36%)
Avg Hourly Earnings, Y/Y% (previous +3.98%)
Overall Workweek (previous 34.8)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +240K)
Private Payroll (previous +703K)
Participation Rate (previous 61.7%)
Non-Farm Payrolls Bench Net Chg
9:45 AM ET. August US Services PMI
PMI, Services (previous 59.9)
10:00 AM ET. August ISM Report On Business Services PMI
Non-Mfg Composite Idx (previous 64.1)
Non-Mfg Business Idx (previous 67.0)
Prices Idx (previous 82.3)
Employment Idx (previous 53.8)
New Orders Idx (previous 63.7)
11:00 AM ET. August Global Services PMI
PMI, Services (previous 56.3)
Monday, September 6, 2021
N/A Marianas: Labor Day
N/A U.S. Labor Day. Financial markets closed
Tuesday, September 7, 2021
10:00 AM ET. 2nd Quarter Quarterly Financial Report – Industry
10:00 AM ET. 2nd Quarter Quarterly Financial Report - Retail Trade
10:00 AM ET. August Employment Trends Index
ETI (previous 109.80)
ETI, Y/Y%
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it extends this week's trading range.Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 15,256.27 would signal that a short-term top might be in or is near. First resistance is Wednesday's high crossing at 15,699.00. Second resistance is unknown. First support is the 20-day moving average crossing at 15,256.27. Second support is the 50-day moving average crossing at 15,001.19.
The September S&P 500 was was higher overnight as it extends this year's rally into record territory. 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 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 20-day moving average crossing at 4471.64 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4545.75. Second resistance is unknown. First support is the 20-day moving average crossing at 4471.64. Second support is the 50-day moving average crossing at 4401.31.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight as it extends the July-September 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 163-27 would signal that a short-term top has been posted. Closes above Tuesday's crossing at 165-12 would open the door for a test of the August 19th high crossing at 166-06. First resistance is the August 19th high crossing at 166-06. Second resistance is July's high crossing at 167-04. First support is the 50-day moving average crossing at 163-27. Second support is August's low crossing at 162-17.
September T-notes were steady to slightly lower overnight as it extends the July-September trading range. 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. Closes above Tuesday's high crossing at 134.090 would open the door for additional gains and a possible test of the August 17th high crossing at 134.195. Closes below August's low crossing at 133.095 would renew the decline off August's high and open the door for a possible test of the July 14th low crossing at 132.300. First resistance is the August 17th high crossing at 134.195. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at 135.121. First support is August's low crossing at 133.095. 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 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the July 30th high is the next upside target. Closes below the 20-day moving average crossing at $67.45 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $70.61. Second resistance is the July 30th high crossing at $73.52. First support is the 20-day moving average crossing at $67.45. Second support is August's low crossing at $61.74.
October heating oil was steady to slightly higher overnight as it extends the rally off August's low. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the July 30th high crossing at $2.2048 is the next upside target. Closes below the 20-day moving average crossing at $2.0773 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $2.1836. Second resistance is the July 30th high crossing at $2.2048. First support is the 20-day moving average crossing at 2.0773. Second support is August's low crossing at $1.8971.
October unleaded gas was higher overnight. 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. If October resumes the rally off August's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 2.8181 is the next upside target. Closes below the 20-day moving average crossing at 2.0854 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 2.2117. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 2.8181. First support is the 20-day moving average crossing at 2.0854. Second support is August's low crossing at 1.8726.
October Henry natural gas was steady to slightly higher overnight as it extends this year's rally. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this year's rally, If October extends this year's rally, the 38% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 4.817 is the next upside target. Closes below the 20-day moving average crossing at 4.123 would signal that a short-term top has been posted. First resistance resistance is Thursday's high crossing at 4.727. Second resistance is the 38% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 4.817. First support is the 10-day moving average crossing at 4.300. Second support is the 20-day moving average crossing at 4.123.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was steady to slightly higher overnight as it consolidates some of the decline off August's high. 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 July 30th low crossing at $91.78 is the next downside target. Closes above the 20-day moving average crossing at $92.86 is the next upside target. First resistance is the 50-day moving average crossing at $92.61. Second resistance is the 20-day moving average crossing at $92.86. First support is the overnight low crossing at $92.15. Second support is the July 30th low crossing at $91.78.
The September Euro was steady to slightly lower overnight as it consolidates some of the rally off August'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 overbought but 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 30th high crossing at $119.19 is the next upside target. Closes below the 20-day moving average crossing at $117.71 would signal that a short-term top has been posted. First resistance is the July 30th high crossing at $119.19. Second resistance is the June 25th high crossing at $119.95. First support is the 20-day moving average crossing at $117.71. Second support is August's low crossing at $116.69.
The September British Pound was steady to slightly lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session beings 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 30th high crossing at 1.3985 is the next upside target. Closes below Wednesday's low crossing at 1.3731 would temper the near-term friendly outlook. First resistance is the August 16th high crossing at 1.3880. Second resistance is the July 30th high crossing at 1.3985. First support is the August 27th low crossing at 1.3680. Second support is August's low crossing at 1.3602.
The September Swiss Franc was steady to slightly higher overnight as it extends the trading range of the past three-weeks. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the August 17th high crossing at 1.0997 or below the August 19th low crossing at 1.0868 would mark a breakout of the aforementioned trading range and point the likely direction of the next trending move. If September renews the decline off August's high, July's low crossing at 1.0801 is the next downside target. If September renews the rally off August's low, August's high crossing at 1.1100 is the next upside 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 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 79.69 would open the door for a possible test of the July 30th high crossing at $80.50. Closes below the August 27th low crossing at $78.69 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 79.69. Second resistance is the July 30th high crossing at $80.50. First support is the August 27th low crossing at $78.69. Second support is August's low crossing at $77.23.
The September Japanese Yen was steady to slightly higher overnight while extending the July-September trading range. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. From a broad perspective September needed to close above August's high crossing at 0.092000 or below August's low crossing at 0.090270 to confirm a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is the August 16th high crossing at 0.091665. Second resistance is August's high crossing at 0.092000. 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 higher overnight. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $1788.30 would signal that a short-term top has been posted. If December resumes 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 $1826.50. Second resistance is August's high crossing at $1835.90. First support is the 50-day moving average crossing at $1798.20. Second support is the 20-day moving average crossing at $1788.30.
September silver was steady to slightly higher overnight. Overnight strength sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, the 50-day moving average crossing at $24.882 is the next upside target. Closes below last-Friday's low crossing at $23.305 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $24.255. Second resistance is the 50-day moving average crossing at $24.882. First support is the August 20th low crossing at $22.835. Second support is August's low crossing at $22.295.
September copper was steady to slightly lower overnight as it consolidates some of the rally off August'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 bearish signaling that sideways to lower prices are possible near-term. Closes below Wednesday's low crossing at 4.2410 would signal that a short-term top has been posted. If September renews the rally off August's low, the August 13th high crossing at 4.4310 is the next upside target. First resistance is the August 13th high crossing at 4.4310. Second resistance is the July 27th high crossing at 4.6275. First support is Wednesday's low crossing at 4.2410. Second support is August's low crossing at 3.9615.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight as it extends this week's decline. Overnight weakness sets the stage for a steady to lower 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 the decline off August's high, July's low crossing at $5.07 is the next downside target. Closes above the 50-day moving average crossing at $5.50 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $5.50. Second resistance is August's high crossing at $5.94 1/4. First support is July's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.
December wheat was steady to 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $7.05 would open the door for a larger-degree decline during the first half of September. Closes above last-Friday's high crossing at $7.45 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $7.45. Second resistance is August's high crossing at $7.86 1/2. First support is the 50-day moving average crossing at $7.05. Second support is the July 26th low crossing at $6.75.
December Kansas City wheat was steady to fractionally higher overnight. 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 near-term. If December extends the decline off August's high, the 50-day moving average crossing at $6.82 3/4 is the next downside target. Closes above last-Friday's high crossing at $7.35 1/2 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at $7.35 1/2. Second resistance is August's high crossing at $7.69. First support is Wednesday's low crossing at $6.97 1/4. Second support is the 50-day moving average crossing at $6.82 3/4.
December Minneapolis wheat was higher overnight as it extends the July-September trading range. 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 that sideways to higher prices are possible near-term. If December 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 5th low crossing at $8.80 would confirm that a short-term top has been posted. First resistance is August's high crossing at $9.37 1/2. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.83 1/2. First support is the August 20th low crossing at $8.89 1/4. Second support is the August 5th low crossing at $8.80. Third support is the July 26th low crossing at $8.57.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were steady to higher overnight as it consolidates some of this week's decline. Overnight strength set 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 near-term. If November extends the decline off August's high, the June 25th low crossing at $12.59 3/4 is the next downside target. Closes above the 50-day moving average crossing at $13.40 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $13.05. Second resistance is the 20-day moving average crossing at $13.22 3/4. First support is the June 25th low crossing at $12.59 3/4. Second support is June's low crossing at $12.40 1/2.
December soybean meal was lower overnight as it extends the decline off May'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 December renews the decline off August's high, the 75% retracement level of the 2020-2021-rally crossing at $324.40 is the next downside target. Closes above the 20-day moving average crossing at $353.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $353.50. Second resistance is the 50-day moving average crossing at $359.30. First support is the overnight low crossing at $338.40. Second support is the 75% retracement level of the 2020-2021-rally crossing at $324.40.
December soybean oil was higher overnight. 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 50-day moving average crossing at 61.38 would signal that a short-term low has been posted. If December extends the decline off July's high, June's low crossing at 51.98 is the next downside target. First resistance is the 50-day moving average crossing at 61.38. Second resistance is August's high crossing at 64.00. First support is August'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 $0.23 at $89.92.
October hogs closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. 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 $87.87 would signal that a short-term top has been posted. If October renews the rally off August's low, August's high crossing at $91.73 is the next upside target. First resistance is August's high crossing at $91.73. Second resistance is July's high crossing at $94.05. First support is the August 24th low crossing at $86.05. Second support is August's low crossing at $83.32.
October cattle closed down $1.43 at $126.15.
October cattle closed lower on Thursday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, July's low crossing at $124.05 is the next downside target. Closes above the 10-day moving average crossing at $129.06 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $129.06. Second resistance is August's high crossing at $132.85. First support is August's low crossing at $125.83. Second support is July's low crossing at $124.05.
October Feeder cattle closed down $2.30 at $165.75.
October feeder cattle closed sharply lower on Thursday as it extended the decline off August's high. The mid-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $164.51 would confirm that a short-term top has been posted. If October renews 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. First resistance is August's high crossing at $172.55. 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 $164.51. Second support is the 38% retracement level of the May-August-rally crossing at $162.34.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 $187.14 would signal that a short-term top has been posted. If December extends the rally off August's low, July's high crossing at $217.85 is the next upside target.
December cocoa closed sharply higher on Thursday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July's low, weekly resistance on the continuation chart crossing at 27.07 is the next upside target. If December extends the decline off August's high, the 50-day moving average crossing at 24.75 is the next downside target.
October sugar closed higher on Thursday as it extends the August-September trading range. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 25th low crossing at 19.42 would signal that a short-term top has been posted. If October renews 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 higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the 50-day moving average crossing at 90.46 is the next downside target. If December resumes the rally off May's low, weekly resistance on the continuation chart crossing at 97.35 is the next upside target.
Thanks tallpine!