KEY EVENTS TO WATCH FOR:

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. 2^nd 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 Dow closed lower on Wednesday as rising COVID-19 infections momentarily upended expectations about growth. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish,  signaling that sideways to lower prices are possible near-term. Closes below August's low crossing at 34,690.25 would confirm that a short-term top has been posted. If the Dow resumes the rally off August's low, August's high crossing at 35,631.19 is the next upside target. First resistance is last-Monday's high crossing at 35,510.71. Second resistance is August's high crossing at 35,631.19. First support is the 50-day moving average crossing at 35,023.74. Second support is August's low crossing at 33,690.25.  

The September NASDAQ 100 closed lower on Wednesday as it extends the trading range of the past five-days.The mid-range close sets the stage for a steady to lower opening when Thursday's night 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 15,313.64 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 15,708.75. Second resistance is unknown. First support is the 20-day moving average crossing at 15,313.64. Second support is the 50-day moving average crossing at 15,050.47.

The September S&P 500 closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4479.80 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 4549.50. Second resistance is unknown. First support is the 20-day moving average crossing at 4479.80. Second support is the 50-day moving average crossing at 4410.85.  

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

September T-bonds closed up 21/32's at 164-04. 

September T-bonds posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26^th low crossing at 163-11 would open the door for a possible test of August's low crossing at 162-17. If September renews the rally off August's low, August's high crossing at 167-00 is the next upside target. First resistance is the August 20^th high crossing at 166-06. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. First support is Tuesday's low crossing at 163-06. Second support is August's low crossing at 162-17.  

September T-notes closed up 75-pts at 133.275.

September T-notes posted an inside day with a higher close on Wednesday as it consolidates some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September resumes the decline off August's high, the July 14^th low crossing at 132.300 is the next downside target. If September renews the rally off the August 26^th low, the August 17^th high crossing at 134.195 is the next upside target. First resistance is the August 17^th high crossing at 134.195. Second resistance is August's high crossing at 135.140. First support is August's low crossing at 133.095. Second support is the July 14^th low crossing at 132.300.  

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

October crude oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October resumes the rally off August's low, the July 30^th high crossing at $73.52 is the next upside target. Closes below the 20-day moving average crossing at $67.57 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at $70.61. Second resistance is the July 30^th high crossing at $73.52. First support is the 20-day moving average crossing at $67.52. Second support is August's low crossing at $61.74.

October heating oil posted an inside day with a higher close on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 30^th high  crossing at $220.48 is the next upside target. Closes below the 20-day moving average crossing at $208.28 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $218.48. Second resistance is the the July 30^th high  crossing at $220.48. First support is the 20-day moving average crossing at $208.28. Second support is August's low crossing at $189.71.      

October unleaded gas closed slightly higher on Wednesday while extending the trading range of the past eight-days. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If October renews 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 $2.0871 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 $2.0871. Second support is August's low crossing at $1.8726.    

October Henry natural gas closed sharply higher on Wednesday as it renewed this year's rally to a new high. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 June-2014 high crossing at 5.236 is the next upside target. Closes below the 20-day moving average crossing at 4.191 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 5.010. Second resistance is the June-2014 high crossing at 5.236. First support is the 10-day moving average crossing at 4.466. Second support is the 20-day moving average crossing at 4.191.  

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The September Dollar closed sharply higher for the second day in a row on Wednesday as it consolidated some of the decline off August's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 92.76 would signal that a short-term low has been posted. If September extends the decline off August's high, the June 23^rd low crossing at 91.51 is the next downside target. First resistance is the 20-day moving average crossing at $92.76. Second resistance is the August 26^th high crossing at 93.20. First support is July's low crossing at 91.78. Second support is the June 23^rd low crossing at 91.51. 

The September Euro closed lower for the second day a row on Wednesday as it consolidated some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI 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 117.82  would confirm that a short-term top has been posted. If September extends the rally off August's low, the June 25^th high crossing at 119.95 is the next upside target. First resistance is July's high crossing at 119.19. Second resistance is the June 25^th high crossing at 119.95. First support is the 20-day moving average crossing at 117.82. Second support is August's low crossing at 116.69. 

The September British Pound closed lower on Wednesday as it consolidated some of the rally off August's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.3771 would signal that a short-term top has been posted. If September extends the rally off August's low, the July 30^th high crossing at 1.3985 is the next upside target. First resistance is last-Friday's high crossing at 1.3893. Second resistance is the July 30^th high crossing at 1.3985. First support is the August 27^th low crossing at 1.3680. Second support is the August low crossing at 1.3602.  

The September Swiss Franc closed lower on Wednesday marking a downside breakout of the trading range of the past four-weeks.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off August's high, July's low crossing at 1.0801 is the next downside target. Closes above the August 17^th high crossing at 1.0997 is needed to renew the rally off August's low. First resistance is the August 17^th high crossing at 1.0957. Second resistance is August's high crossing at 1.1100. First support is August's low crossing at 1.0828. Second support is July's low crossing at 1.0801.

The September Canadian Dollar closed lower on Wednesday as it consolidated some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 27^th low crossing at 78.69 would signal that a short-term top has been posted. If September renews the rally off August's low, the July 30^th high crossing at 80.50 is the next upside target. First resistance is theJuly 30^th high crossing at 80.50. Second resistance is the July's high crossing at 81.28. First support is the August 27^th low crossing at 78.69. Second support is August's low crossing at 77.23.

The September Japanese Yen closed slightly higher on Wednesday as it extended the July-August trading range. The high-range close sets the stage for a steady to higher opening when Thursday’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 August's low crossing at 0.090270 or above the August high crossing at 0.092000 are needed to confirm a breakout of the aforementioned trading range. First resistance is August's high crossing at 0.092000. Second resistance is May's high crossing at 0.092295. First support is August's low crossing at 0.090270. Second support is July's low crossing at 0.089605.  

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

December gold closed lower on Wednesday as it consolidated some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at $1795.80 signals that a short-term top has been posted. If December renews 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 the 75% retracement level of the June-August decline crossing at $1861.30. First support is the August 19^th low crossing at $1774.60.    Second support is August's low crossing at $1677.90.

September silver closed lower on Wednesday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving acreage crossing at 24.815 would open the door for additional short-term gains. Closes below the August 27^th low crossing at 23.305 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 24.815. Second resistance is August's high crossing at 26.090. First support is the August 27^th low crossing at 23.305. Second support is the August 20^th low crossing at 22.835.   

September copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Wednesday's low crossing at 424.10 signals that a short-term top has been posted. Closes above the August 13^th high crossing at 443.10 would open the door for a possible test of July's high crossing at 462.75. First resistance is the August 13^th high crossing at 443.10. Second resistance is July's high crossing at 462.75. First support is August's low crossing at 396.15. Second support is the 38% retracement level of the 2020-2021-rally crossing at 381.46.

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

December Corn closed down $0.00 1/2-cent at $5.10 1/4. 

December corn closed fractionally lower on Wednesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Thursday's night 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, May's low crossing at $5.00 1/4 is the next downside target. Closes above the 50-day moving average crossing at $5.49 1/4 would signal that a short-term low has been posted. First resistance is last-Monday's high crossing at $5.58. 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 closed down $0.10 1/4-cents at $7.09 1/4.  

December wheat closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night 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 $7.07 3/4 would open the door for a possible test of the July 26^th low crossing at $6.75. Closes above the 20-day moving average crossing at $7.36 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $7.36. Second resistance is August's high crossing at $7.74 3/4. First support is the 50-day moving average crossing at $7.07 3/4. Second support is the July 26^th low crossing at $6.75.

December Kansas City Wheat closed down $0.12 3/4 at $7.04 3/4.

December Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 the August 27^th high crossing at $7.35 1/2 would signal that a short-term low has been posted. If December extends the decline off August's high, the 50-day moving average crossing at $6.86 1/2 is the next downside target. First resistance is August 27^thhigh crossing at $7.35 1/2. Second resistance is August's high crossing at $7.56 1/4. First support is last-Wednesday's low crossing at $6.97 1/4. Second support is the 50-day moving average crossing at $6.86 1/2.  

December Minneapolis wheat closed down $0.13 3/4-cents at $8.94 1/2. 

December Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices is possible near-term. If December resumes 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 50-day moving average crossing at $8.84 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 1/4. First support is the August 20^th low crossing at $8.89 1/4. Second support is the 50-day moving average crossing at $8.84. 

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

November soybeans closed up $0.02 1/2-cents at $12.79 1/2.

November soybeans closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night 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 25^th low crossing at $12.59 3/4 is the next downside target. Closes above the 50-day moving average crossing at $13.39 3/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $13.39 3/4. Second resistance is the August 17^th high crossing at $13.79 3/4. First support is last-Wednesday's low crossing at $12.70. Second support is the June 25^th low crossing at $12.59 3/4.

December soybean meal closed up $0.50 at $338.30. 

December soybean meal closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 July's high, the 75% retracement level of the 2020-2021 rally crossing at $324.00 is the next downside target. Closes above the 20-day moving average crossing at $351.40 would signal that a low has been posted. First resistance is the 10-day moving average crossing at $345.50. Second resistance is the 20-day moving average crossing at $351.40. First support is today's low crossing at $335.60. Second support is the 75% retracement level of the 2020-2021 rally crossing at $324.00.      

December soybean oil closed down 24-pts. at 57.52. 

December soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews the decline off July's high, August's low crossing at 56.42 is the next downside target. Closes above the 50-day moving average crossing at 61.34 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 61.34. Second resistance is the August 16^th high crossing at 64.00. First support is August's low crossing at 56.42. Second support is June's low crossing at $53.10. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

October hogs closed down $0.70 at $87.40. 

October hogs closed lower on Wednesday and below the 20-day moving average crossing at $88.31 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 the late-August high, the August 24^th low crossing at $86.05 is the next downside target. 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 24^th low crossing at $86.05. Second support is August's low crossing at $83.32. 

October cattle closed down $0.60 at $123.15. 

October cattle closed lower on Wednesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, the 38% retracement level of the 2020-2021-rally crossing at $120.96 is the next downside target. Closes above the 20-day moving average crossing at $128.05 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $128.05. Second resistance is August's high crossing at $132.85. First support is today's low crossing at $123.03. Second support is the 38% retracement level of the 2020-2021-rally crossing at $120.96.

October Feeder cattle closed down $0.38 at $159.67. 

October feeder cattle closed lower for the four-day in a row on Wednesday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening when Thursday's 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 October extends the decline off August's high, July's low crossing at $157.15 is the next downside target. Closes above the 20-day moving average crossing at $166.19 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $164.44. Second resistance is the 20-day moving average crossing at $166.19. First support is the 50% retracement level of the May-August-rally crossing at $159.16. Second support is July's low crossing at $157.15.  

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

December coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 $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 lower on Wednesday as it consolidates some of the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the November 2020 high on the weekly continuation chart crossing at 28.21 is the next upside target. Closes below the 20-day moving average crossing at 26.08 would signal that a short-term top has been posted.                           

October sugar closed slightly higher on Wednesday as it extends the August-September trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 25^th low crossing at 19.42 would confirm 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 slightly higher on Wednesday. The low-range close sets the stage for a steady to slightly higher opening on Thursday. Stochastics and the RSI are 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 last-week's decline, the 50-day moving average crossing at 90.87 is the next downside target.