KEY EVENTS TO WATCH FOR:

Monday, October 18, 2021   

9:15 AM ET. September Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +0.4%)

                       Capacity Utilization % (previous 76.4%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.2)

10:00 AM ET. October NAHB Housing Market Index

                       Housing Mkt Idx (previous 76)

Tuesday, October 19, 2021   

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. September New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.615M)

                       Housing Starts, M/M% (previous +3.9%)

                       Building Permits (previous 1.728M)

                       Building Permits, M/M% (previous +6.0%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

Wednesday, October 20, 2021   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx

                       Composite Idx, W/W%

                       Purchase Idx-SA

                       Purchase Idx-SA, W/W%

                       Refinance Idx

                       Refinance Idx, W/W%

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl)

                       Crude Oil Stocks, Net Chg (Bbl)

                       Gasoline Stocks (Bbl)

                       Gasoline Stocks, Net Chg (Bbl)

                       Distillate Stocks (Bbl)

                       Distillate Stocks, Net Chg (Bbl)

                       Refinery Usage

                       Total Prod Supplied (Bbl/day)

                       Total Prod Supplied, (Bbl/day) Net Chg

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes  

The STOCK INDEXES: The December NASDAQ 100 was lower overnight as it consolidates some of last-week's rally. 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. Closes above the 50-day moving average crossing at 15,144.77 would open the door for a test of the September 27^th high crossing at 15,399.25. Closes below last-Tuesday's low crossing at 14,585.50 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 15,144.77. Second resistance is the September 27^th high crossing at 15,399.25. First support is the 25% retracement of the 2020-2021-rally crossing at 14,474.38. Second support is the 38% retracement of the 2020-2021-rally crossing at 13,825.88.  

The December S&P 500 was steady to slightly lower overnight as it consolidates some of the rally off October's low. 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 December extends the rally off October's low, September's high crossing at 4539.50 is the next upside target. Closes below last-Tuesday's low crossing at 4317.25 would signal that a short-term low has been posted. First resistance is the September 27^th high crossing at 4472.00. Second resistance is September's high crossing at 4539.50. First support is last-Tuesday's low crossing at 4317.25. Second support is October's low crossing at 4260.00.

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

INTEREST RATES: December T-bonds were lower overnight as they consolidates some of the rally  off last-Monday'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. Closes above the 20-day moving average crossing at 159-29 would signal that a short-term low has been posted. If December resumes the decline off September's high, the 75% retracement level of the March-August rally crossing at 155-23 is the next downside target. First resistance is the 20-day moving average crossing at 159-29. Second resistance is the 50-day moving average crossing at 161-26. First support is the 62% retracement level of the 2020-2021-rally crossing at 157-13. Second support is the June 16^th low crossing at 156-15.

December T-notes were lower overnight as they resumed the decline off August's high. Overnight weakness sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are  possible near-term. If December extends the decline off August's, May's low crossing at 130.010 is the next downside target. Closes above the 20-day moving average crossing at 131.214 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 131.211. Second resistance is the October 4^th high crossing at 132.085. First support is the overnight low crossing at 130.150. Second support is May's low crossing at 130.010.  

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

ENERGIES:December crude oil was 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 December extends the rally off August's low, the October-2014 high on the monthly continuation chart crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $76.91 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $83.10. Second resistance is the October-2014 high on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $76.91. Second support is the September 30^th low crossing at $72.82.

December heating oil was higher overnight as it extends the rally off August'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.3969 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.5949. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.7919. First support is the 10-day moving average crossing at $2.5065. Second support is the 20-day moving average crossing at 2.3969.  

December unleaded gas was higher overnight as it extends the rally off August's low. The high-range trade overnight 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 December extends the rally off August's low, the October-2014 high on the monthly continuation chart crossing at 2.5010 is the next upside target. Closes below the 20-day moving average crossing at 2.2355 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 2.4500. Second resistance is the October-2014 high on the monthly continuation chart crossing at 2.5010. First support is the 10-day moving average crossing at 2.3433. Second support is the 20-day moving average crossing at 2.2355.

December Henry natural gas was steady to slightly low 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 bearish signaling that sideways to lower prices are possible near-term. If December resumes the aforementioned decline, the 50-day moving average crossing at 5.025 is the next downside target. Closes above last-Thursday's high crossing at 6.111 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 6.111. Second resistance is the 62% retracement level of the 2008-2020-decline crossing at 6.671. First support is the 50-day moving average crossing at 5.024. Second support is the September 21^st low crossing at 4.879.    

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

CURRENCIES:The December Dollar was higher overnight. 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 $93.90 would signal that a short-term top has been posted. If December extends the rally off September's low, the 38% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at $94.82 is the next upside target. First resistance is last-Tuesday's high crossing at $94.57. Second resistance is the 38% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at $94.82. First support is the 20-day moving average crossing at $93.90. Second support is the 50-day moving average crossing at 93.22.

The December Euro was steady to lower overnight. The mid-range overnight trade sets the stage for a steady to lower 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 $116.36 would signal that a short-term low has been posted. If December extends the decline off September's high, the 62% retracement level of the 2020-2021-rally crossing at $114.56 is the next downside target. First resistance is the 20-day moving average crossing at $116.36. Second resistance is the 50-day moving average crossing at $117.35. First support is last-Tuesday's low crossing at $115.38. Second support is the 62% retracement level of the 2020-2021-rally crossing at $114.56.

The December British Pound was lower overnight as it consolidates some of the rally off September'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 December extends the rally off October's low, September's high crossing at 1.3917 is the next upside target. Closes below last-Tuesday's low crossing at 1.3568 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.3774. Second resistance is September's high crossing at 1.3917. First support is the last-Tuesday's low crossing at 1.3568. Second support is the September 29^thlow crossing at 1.3412.    

The December Swiss Franc was lower overnight as it consolidates some of the rally off September'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 possible near-term. Closes above the 50-day moving average crossing at 1.0872 would open the door for additional gains near-term. Closes below last-Tuesday's low crossing at 1.0754 would signal that a short-term top has been posted. First resistance is is the 50-day moving average crossing at 1.0872. Second resistance is September's high crossing at 1.0996. First support is last-Tuesday's low crossing at 1.0754. Second support is the September 30^th low crossing at 1.0693. Third support is March's low crossing at 1.0654.

The December Canadian Dollar was lower overnight as it consolidates some of the rally off September's low. 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 December extends the rally off September's low, the June 23^rd high crossing at $81.55 is the next upside target. Closes below the 20-day moving average crossing at $79.52 would signal that a short-term top has been posted. First resistance is the July 6^th high crossing at $81.23. Second resistance is the June 23^rd high crossing at $81.55. First support is the 10-day moving average crossing at $80.19. Second support is the 20-day moving average crossing at $79.52.

The December Japanese Yen was lower overnight as it extends the decline off September'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 extends the decline off September's high, long-term support on the monthly continuation chart crossing at 0.084932 is the next downside target. Closes above the 20-day moving average crossing at 0.089444 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.088589. Second resistance is the 20-day moving average crossing at 0.089444. First support is last-Friday's low crossing at 0.087435. Second support is long-term support on the monthly continuation chart crossing at 0.084932.

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

PRECIOUS METALS:Decembergold was lower overnight as it consolidates some of the rally off September's low. Overnight weakness 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 the October 6^th low crossing at $1745.40 would signal that a short-term top has been posted. If December extends the rally off September's low, the September 14^th high crossing at $1810.60 is the next upside target. First resistance is the September 14^th high crossing at $1810.60. Second resistance is September's high crossing at $1836.90. First support is the October 6^thlow crossing at $1745.40. Second support is the September 29^th low crossing at $1721.10.

December silver was steady to lower overnight. The low-range trade 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 remains neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the September 16^th high crossing at $23.940. Closes below last-Tuesday's low crossing at $22.325 is the next downside target. First resistance is the September 16^th high crossing at $23.940. Second resistance is September's high crossing at $24.945. First support is last-Tuesday's low crossing at $23.325. Second support is the September 29^th low crossing at $21.410. Third support is the 50% retracement level of the 2020-2021-rally crossing at $21.120. 

December copper was higher overnight as it extends the rally off September'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, May's high crossing at 4.8705 is the next upside target. Closes below the 20-day moving average crossing at 4.3169 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.8230. Second resistance is May's high crossing at 4.8705. First support is the 20-day moving average crossing at 4.3169. Second resistance is September's low crossing at 4.0160.  

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

December corn was steady to fractionally higher overnight.The mid-range trade overnight sets the stage for a steady to higher opening when the day sessions 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 $5.35 1/2 would signal that a short-term low has been posted. If December resumes last-week's decline, the September low of $4.97 1/2 is the next downside target. First resistance is the September 30^th high crossing at $5.48 1/2. Second resistance is the August 30^th high crossing at $5.58. First support is last-Wednesday's low crossing at $5.06 3/4. Second support is the September's low crossing at $4.97 1/2.   

December wheat was higher overnight as it consolidates some of the decline off October'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 10-day moving average crossing at $7.34 1/4 would signal that a short-term low has been posted. If December extends the aforementioned decline, the September 30^th low crossing at $7.01 1/4. First resistance is the 10-day moving average crossing at $7.34 1/4. Second resistance is October's high crossing at $7.63 1/2. First support is the September 30^th crossing at $7.01 1/4. Second support is the September 21^st low crossing at $6.86.

December Kansas City wheat was steady to slightly higher overnight as it consolidates some the decline off October's high. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. If December resumes the rally off September's low, August's high crossing at $7.69 is the next upside target. Closes below the 50-day moving average crossing at $7.22 1/4 would signal that a short-term top has been posted. First resistance is October's high crossing at $7.64 1/4. Second resistance is August's high crossing at $7.69. First support is the 50-day moving average crossing at $7.22 1/4. Second support is the September 28^th low crossing at $7.03. 

December Minneapolis wheat was steady to fractionally lower overnight. 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 December extends the rally off September's low, weekly resistance crossing at $9.83 1/2 is the next upside target. Closes below the 50-day moving average crossing at $9.14 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Friday's high crossing at $9.80. Second resistance is weekly resistance crossing at $9.83 1/2. First support is the 20-day moving average crossing at $9.31. Second support is the 50-day moving average crossing at $9.14 1/4.  

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

November soybeans were lower overnight. Overnight weakness set the stage for a steady to lower 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 $12.47 1/2 would signal that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $12.84 1/2. If November extends the decline off August's high, the 62% retracement level of the 2020-2021-rally crossing at $11.52 1/2 is the next downside target.First resistance is the 20-day moving average crossing at $12.47 1/2. Second resistance is the 50-day moving average crossing at $12.84 1/2. First support is last-Wednesday's low crossing at $11.84 1/2. Second support is the 62% retracement level of the 2020-2021-rally crossing at $11.52 1/2.

December soybean meal 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 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 87% retracement level of the 2020-2021-rally crossing at $307.30 is the next downside target. Closes above the 20-day moving average crossing at $326.60 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $316.90. Second resistance is the 20-day moving average crossing at $326.60. First support is last-Wednesday's low crossing at $309.30. Second support is the 87% retracement level of the 2020-2021-rally crossing at $307.30.

December soybean oil 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 have turned  neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the August 16^th high crossing at 64.00 is the next upside target. Closes below the 20-day moving average crossing at 59.16 would signal that a short-term top has been posted. First resistance is October's high crossing at 63.08. Second resistance is the August 16^th high crossing at 64.00. First support is the 20-day moving average crossing at 59.16. Second support is September's low crossing at 54.18.