KEY EVENTS TO WATCH FOR:
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%
Wednesday, September 8, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 719.4)
Composite Idx, W/W% (previous -2.4%)
Purchase Idx-SA (previous 259)
Purchase Idx-SA, W/W% (previous +0.6%)
Refinance Idx (previous 3385.8)
Refinance Idx, W/W% (previous -3.8%)
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 +16.6%)
Latest Wk, Y/Y% (previous +18.6%)
10:00 AM ET. July Job Openings & Labor Turnover Survey
10:00 AM ET. August Online Help Wanted Index
10:00 AM ET. September IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 53.6)
6-Mo Economic Outlook (previous 50.2)
2:00 PM ET. U.S. Federal Reserve Beige Book
3:00 PM ET. July Consumer Credit
Consumer Credit Net Chg (USD) (previous +37.6B)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.0M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.7M)
Distillate Stocks, Net Chg (Bbls) (previous -2.0M)
Thursday, September 9, 2021
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 340K)
Jobless Claims, Net Chg (previous -14K)
Continuing Claims (previous 2748000)
Continuing Claims, Net Chg (previous -160K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. 2nd Quarter Quarterly Services
10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2871B)
Working Gas In Storage, Net Chg (Cbf) (previous +20B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 425.395M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.169M)
Gasoline Stocks (Bbl) (previous 227.214M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.29M)
Distillate Stocks (Bbl) (previous 136.727M)
Distillate Stocks, Net Chg (Bbl) (previous -1.732M)
Refinery Usage (previous 91.3%)
Total Prod Supplied (Bbl/day) (previous 22.82M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.003M)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, September 10, 2021
8:30 AM ET. August PPI
PPI, M/M% (previous +1%)
Ex-Food & Energy PPI, M/M% (previous +1%)
Personal Consumption (previous +1%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 858.7K)
Soybeans (Metric Tons) (previous 2200.7K)
Wheat (Metric Tons) (previous 295.3K)
10:00 AM ET. July Monthly Wholesale Trade
Inventories, M/M% (previous +1.1%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES: The September NASDAQ 100 was lower overnight as it extends last-week's trading range.Overnight weakness 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 this year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 15,283.65 would signal that a short-term top might be in or is near. First resistance is the overnight high crossing at 15,708.75. Second resistance is unknown. First support is the 20-day moving average crossing at 15,283.65. Second support is the 50-day moving average crossing at 15,027.91.
The September S&P 500 was was steady to slightly lower in subdued trading overnight. Overnight weakness sets the stage for a steady to lower 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 4476.55 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4548.00. Second resistance is unknown. First support is the 20-day moving average crossing at 4476.55. Second support is the 50-day moving average crossing at 4406.36.
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 163-30 would signal that a short-term top has been posted. Closes above last-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 163-30. Second support is August's low crossing at 162-17.
September T-notes were lower overnight following last-Friday's key reversal down. Overnight weakness sets the stage for a steady to lower opening with 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 above last-Friday's high crossing at 134.155 would open the door for 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 lower overnight as Saudi Arabia's sharp cuts in crude contract prices for Asia triggered concern over slower demand however, strong Chinese economic data tempered losses.Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but are poised to turn neutral to bearish with additional weakness signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $67.51 would signal that a short-term top has been posted. If October extends the rally off August's low, the July 30th high is the next upside target. First resistance is last-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 $67.51. Second support is August's low crossing at $61.74.
October heating oil was 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 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 $2.0807 would signal that a short-term top has been posted. First resistance is last-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 2.0807. Second support is August's low crossing at $1.8971.
October unleaded gas 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 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 2.0869 would signal that a short-term top has been posted. First resistance is last-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 2.0869. Second support is August's low crossing at 1.8726.
October Henry natural gas was lower in late-overnight trading as it consolidates some of this year's rally. Overnight weakness 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 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 4.152 would signal that a short-term top has been posted. First resistance resistance is the overnight high crossing at 4.774. 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 4.370. Second support is the 20-day moving average crossing at 4.152.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was higher overnight as it consolidates some of the decline off August's high. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $92.77 is the next upside target. If September extends the decline off August's high, the July 30th low crossing at $91.78 is the next downside target. First resistance is the 50-day moving average crossing at $92.62. Second resistance is the 20-day moving average crossing at $92.77. First support is last-Friday's low crossing at $91.80. Second support is the July 30th low crossing at $91.78.
The September Euro was 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 $117.78 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 $117.78. Second support is August's low crossing at $116.69.
The September British Pound was sharply 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 beings 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 1.3985 is the next upside target. Closes below last-Wednesday's low crossing at 1.3731 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 1.3893. 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 lower overnight as it extends the trading range of the past four-weeks. 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. 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 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 are 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 $80.50 is the next upside target. Closes below the August 27th low crossing at $78.69 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 80.04. 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 lower overnight while extending 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 signaling that sideways trading is 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 sharply lower overnight after challenging key resistance level extending from $1837.50 up to $1839.00. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are poised to turn neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $1793.50 would signal that a short-term top has been posted. If December resumes the rally off August's low, the 75% retracement level of the June-August-decline crossing at $1861.30 is the next upside target. First resistance is last-Friday's high crossing at $1836.90. Second resistance is July's high crossing at $1839.00. First support is the 50-day moving average crossing at $1799.20. Second support is the 20-day moving average crossing at $1793.50.
September silver was steady to slightly lower overnight. Overnight weakness sets the stage for a steady to lower 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 $24.865 is the next upside target. Closes below the 20-day moving average crossing at $23.763 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $24.865. Second resistance is August's high crossing at $26.090. 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 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 last-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 last-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 steady to fractionally lower overnight as it extends consolidates above the May-July uptrend line crossing near $5.16 1/4.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 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $5.50 1/4. 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 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the August 27th high crossing at $7.45 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $7.06 3/4 would open the door for a larger-degree decline during the first half of September. First resistance is the August 27th 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 $7.06 3/4. Second support is the July 26th low crossing at $6.75.
December Kansas City wheat was higher overnight as it extends the rebound off last-Wednesday'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 August 27th high crossing at $7.35 1/2 would confirm that a short-term low has been posted. If December resumes the decline off August's high, the 50-day moving average crossing at $6.85 1/4 is the next downside target. First resistance is the August 27th high crossing at $7.35 1/2. Second resistance is August's high crossing at $7.69. First support is last-Wednesday's low crossing at $6.97 1/4. Second support is the 50-day moving average crossing at $6.85 1/4.
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 higher overnight as it consolidates some of last-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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $13.41 would confirm that a short-term low has been posted. If November extends the decline off August's high, the June 25th low crossing at $12.59 3/4 is the next downside target. First resistance is the 10-day moving average crossing at $13.06 1/4. Second resistance is the 20-day moving average crossing at $13.21 1/2. 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 higher overnight as it consolidates some of the decline off May'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. 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 $352.70 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $352.70. Second resistance is the 50-day moving average crossing at $359.10. First support is last-Friday's 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 61.42 would signal 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 the 50-day moving average crossing at 61.42. 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 $0.25 at $89.60.
October hogs posted an inside day with a lower close on Friday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $87.96 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 $1.35 at $124.70.
October cattle closed lower on Friday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 $128.62 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $128.62. Second resistance is August's high crossing at $132.85. First support is today's low crossing at $124.62. Second support is July's low crossing at $124.05.
October Feeder cattle closed down $2.75 at $162.30.
October feeder cattle closed sharply lower for the second day in a row on Friday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the July 22nd gap crossing at $161.30 is the next downside target. Closes above the 10-day moving average crossing at $167.90 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $167.90. Second resistance is August's high crossing at $172.55. First support is the 38% retracement level of the May-August-rally crossing at $162.34. Second support is the July 22nd gap crossing at $161.30.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 $187.84 would signal that a short-term top has been posted. If December resumes the rally off August's low, July's high crossing at $217.85 is the next upside target.
December cocoa closed sharply higher for the second day in a row on Friday. 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 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 renews the decline off August's high, the 50-day moving average crossing at 24.80 is the next downside target.
October sugar closed lower on Friday as it extends the August-September trading range. 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 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 Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off May's low, weekly resistance on the continuation chart crossing at 97.35 is the next upside target. If December renews this week's decline, the 50-day moving average crossing at 90.60 is the next downside target.
Thanks tallpine!