KEY EVENTS TO WATCH FOR:

Monday, July 16, 2018  

8:30 AM ET. June Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0.8%)

                       Sales, Ex-Auto, M/M% (previous +0.9%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.8%)

8:30 AM ET. July Empire State Manufacturing Survey

                       Mfg Idx (previous 25.0)

                       Employment Idx (previous 19.0)

                       New Orders Idx (previous 21.3)

                       Prices Received (previous 23.3)

9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting

10:00 AM ET. May Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.3%)

10:00 AM ET. IMF World Economic Outlook Update

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

The STOCK INDEXES:The September NASDAQ 100 was slightly higher overnight. U.S. stock futures edged higher overnight putting the equity market on track to build on last week’s rally as investors looked for another batch of high-profile earnings reports to help steer trading. A highly anticipated meeting between President Donald Trump and Russian President Vladimir Putin was also in focus. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the NASDAQ 100 extends the rally off June's low into record territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7204.21 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 7414.25. Second resistance is unknown. First support is the 20-day moving average crossing at 7204.21. Second support is the 50-day moving average crossing at 7107.02.    

The September S&P 500 was steady to slightly lower overnight as it consolidates some of the rally off June's low. 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 June's low, the 87% retracement level of the January-April-decline crossing at 2846.31 is the next upside target. Closes below the 50-day moving average crossing at 2744.23 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the January-April-decline crossing at 2809.03. Second resistance is the 87% retracement level of the January-April-decline crossing at 2846.31. First support is the 50-day moving average crossing at 2744.23. Second support is June's low crossing at 2694.50.       

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

INTEREST RATES: September T-bonds were steady to slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 62% retracement level of the 2017-2018  decline crossing at 147-09 is the next upside target. Closes below the 20-day moving average crossing at 144-27 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the reaction high crossing at 146-11. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 147-09. First support is the 20-day moving average crossing at 144-27. Second support is the 50-day moving average crossing at 143-13.  

September T-notes were steady to slightly lower overnight while at the same time extending the trading range of the past three-weeks. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 120.032 would confirm that a short-term top has been posted. If September renews the rally off June's low, May's high crossing at 121.030 is the next upside target. First resistance is May's high crossing at 121.030. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 121.212. First support is the 20-day moving average crossing at 120.032. Second support is the 50-day moving average crossing at 119.187.    

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

ENERGY MARKETS: AugustNymex crude oil was lower overnight as it extends the decline off July's high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 69.38 are needed to confirm that a short-term top has been posted. If August renews the rally off June's low, the 75% retracement level of the 2014-2016 decline crossing at 77.08 is the next upside target.First resistance is July's high crossing at 75.27. Second resistance is the 75% retracement level of the 2014-2016 decline crossing at 77.08. First support is the 50-day moving average crossing at 69.38. Second support is the reaction low crossing at 67.72.    

August heating oil was lower overnight as it extends the decline off July's high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, June's low crossing at 206.89 is the next downside target. Closes above the 50-day moving average crossing at 217.90 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 224.21. Second resistance is May's high crossing at 229.60. First support is the 50% retracement level of the February-May-rally crossing at 205.35. Second support is the 62% retracement level of the February-May-rally crossing at 199.62.

August unleaded gas was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 62% retracement level of the February-May-rally crossing at 198.55 is the next downside target. Closes above the 50-day moving average crossing at 212.29 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 219.04. Second resistance is May's high crossing at 226.86. First support is the 62% retracement level of the February-May-rally crossing at 198.55. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.

August Henry natural gas was slightly higher overnight as it consolidates some of the decline off June's high.Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, May's low crossing at 2.727 is the next downside target. Closes above the 20-day moving average crossing at 2.882 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.816. Second resistance is the 20-day moving average crossing at 2.882. First support is the overnight low crossing at 2.744. Second support is May's low crossing at 2.727.  

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

CURRENCIES:The September Dollar was lower overnight as it consolidates some of the rally off last-Monday's low. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 93.44 would confirm that a short-term top has been posted. If September extends the rally off Monday's low, June's high crossing at 95.26 is the next upside target. First resistance is June's high crossing at 95.26. Second resistance is weekly resistance crossing at 97.70. First support is last-Monday's low crossing at 93.44. Second support is the 25% retracement level of the February-June-decline crossing at 93.30.

The September Euro was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 118.52 are needed to confirm that a low has been posted. If September extends last week's decline, June's low crossing at 115.82 is the next downside target. First resistance is last-Monday's high crossing at 118.52. Second resistance is June's high crossing at 119.40. First support is June's low crossing at 115.82. Second support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. 

The September British Pound was higher overnight.Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 1.3403 are needed to confirm that a short-term low has been posted. If September extends last week's decline, June's low crossing at 1.3095 is the next downside target. First resistance is last-Monday's high crossing at 1.3403. Second resistance is June's high crossing at 1.3533. First support is June's low crossing at 1.3095. Second support is weekly support crossing at 1.3048.  

The September Swiss Franc was higher overnight as it consolidates some of the decline off July's high. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above July's high crossing at 1.0204 would confirm that a short-term low has been posted. If September extends last week's downside breakout of the aforementioned trading range, the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880 is the next downside target. First resistance is July's high crossing at 1.0204. Second resistance is June's high crossing at 1.0302. First support is last-Friday's low crossing at 0.9984. Second support is the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880. 

The September Canadian Dollar was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low,the 50-day moving average crossing at 76.90 is the next upside target. Closes below the 20-day moving average crossing at 75.81 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 76.90. Second resistance is June's high crossing at 77.94. First support is June's low crossing at 74.80. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.

The September Japanese Yen was steady to lower overnight as it consolidates above key support marked by last-October's low crossing at 0.8908. 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 May's high, the December-2016 low crossing at 0.8805 is the next downside target. Closes above the 20-day moving average crossing at 0.9074 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9074. Second resistance is the 50-day moving average crossing at 0.9135. First support is last-Friday's low crossing at 0.8901. Second support is the December-2016 low crossing at 0.8805. 

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

PRECIOUS METALS: August gold was higher overnight as it consolidates some of the decline off July's high. Stochastics and the RSI are oversold, diverging 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 1257.70 are needed to confirm that a short-term low has been posted. If August extends the decline off April's high, the 75% retracement of the 2016-2018 rally crossing at 1213.00 is the next downside target. First resistance is last-Monday's high crossing at 1266.90. Second resistance is the reaction high crossing at 1274.40. First support is the 62% retracement of the 2016-2018 rally crossing at 1242.20. Second support is the 75% retracement of the 2016-2018 rally crossing at 1213.00.

September silver was steady to slightly higher overnight as it consolidates some of last-week's decline. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the July-2017 low crossing at 15.625 is the next downside target. Closes above the 20-day moving average crossing at 16.154 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.154. Second resistance is the 50-day moving average crossing at 16.471. First support is last-Friday's low crossing at 15.700. Second support is the July-2017 low crossing at 15.625. 

August copper was lower overnight. The low-range trade 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 August extends the decline off May's high, the 62% retracement level of the 2017-2018 rally crossing at 257.85 is the next downside target. Closes above the 20-day moving average crossing at 292.16 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 282.06. Second resistance is the 20-day moving average crossing at 292.16. First support is the 50% retracement level of the 2017-2018 rally crossing at 272.10. Second support is the 62% retracement level of the 2017-2018 rally crossing at 257.85.

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

December corn was lower overnight as it extends the decline off May's high despite last-Thursday's friendly export sales and WASDE supply-demand report. Bearish weather forecast along with concerns over trade tariffs with China continue to dominate the markets bias for the time being. The high-range close 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. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. Closes above the 20-day moving average crossing at 3.67 1/4 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 3.67 1/4. Second resistance is the reaction high crossing at 3.80 1/2. First support is last-Thursday's low crossing at 3.50 1/4. Second support is psychological support crossing at 3.50.  

December wheat was lower overnight. The low-range close 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 reaction high crossing at 5.30 1/2 are needed to confirm that a low has been posted. If December extends the decline off May's high, the 87% retracement level of the December-May-rally crossing at 4.83 3/4 is the next downside target. First resistance is the reaction high crossing at 5.30 1/4. Second resistance is the 50-day moving average crossing at 5.36 1/4. First support is last-Wednesday's low crossing at 4.90. Second support is the 87% retracement level of the December-May-rally crossing at 4.83 3/4.        

December Kansas City Wheat closed up 10 1/2-cents at 5.16 1/4. 

December Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Multiple closes above last-Friday's high crossing at 5.33 1/2 would confirm that a short-term low has been posted. If December resumes the decline off May's high, January's low crossing at 4.87 3/4. First resistance is last-Friday's high crossing at 5.33 1/2. Second resistance is the 50-day moving average crossing at 5.54 1/2. First support is last-Monday's low crossing at 4.93 3/4. Second support is January's low crossing at 4.87 3/4. 

December Minneapolis wheat was lower overnight. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the reaction high crossing at 5.76 3/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 5.76 3/4. Second resistance is the reaction high crossing at 5.89. First support is last-Thursday's low crossing at 5.42 1/4. Second support is monthly support crossing at 5.15 1/2.  

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

November soybeans was lower overnight as it extends the decline off May's high. Last-Thursday's bearish WASDE supply-demand report along with Chinese tariffs placed on US soybeans continue to pressure the market. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off May's high, monthly support crossing at 8.25 is the next downside target. Closes above the 20-day moving average crossing at 8.79 1/2 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 8.79 1/2. Second resistance is the reaction high crossing at 8.97 3/4. First support is the overnight low crossing at 8.26 1/4. Second support is monthly support crossing at 8.25.

December soybean meal was lower overnight as it extends the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, January's low crossing at 318.40 is the next downside target. Closes above the reaction high crossing at 338.90 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 338.90. Second resistance is the reaction high crossing at 341.70. First support is the overnight low crossing at 321.50. Second support is January's low crossing at 318.40. 

December soybean oil was lower overnight as it extends this year's decline.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, the August-2015 low on the monthly continuation chart crossing at 25.47 is the next downside target. Closes above the 20-day moving average crossing at 29.38 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.38. Second resistance is the reaction high crossing at 29.98. First support is last-Friday's low crossing at 27.95. Second support is the August-2015 low on the monthly continuation chart crossing at 25.47.

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

August hogs closed down $0.28 at $70.15. 

August hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 August extends the decline off June's high, weekly support crossing at 67.35 is the next downside target. Closes above the 50-day moving average crossing at 74.55 would confirm that a short-term low has been posted. First resistance is July's high crossing at 77.18. Second resistance is June's high crossing at 80.00. First support is Wednesday's low crossing at 68.52. Second support is weekly support crossing at 67.35.  

October cattle closed down $0.23 at 107.38. 

October cattle posted an inside day with a lower close on Monday. The mid-range close sets the stage for a steady opening when Monday'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 this week's decline, the reaction low crossing at 105.13 is the next downside target. Closes above the 10-day moving average crossing at 108.74 would temper the near-term bearish outlook. First resistance is the 62% retracement level of the February-May-decline crossing at 111.23. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is the reaction low crossing at 105.13. Second support is June's low crossing at 103.50.  

August Feeder cattle closed down $0.30 at $150.73. 

August Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 149.67 would confirm that a short-term top has been posted. If August renews the rally off May's low, is February's high crossing at 155.98 is the next upside target. First resistance is the 87% retracement level of the February-April-decline crossing at 153.26. Second resistance is February's high crossing at 155.98. First support is the 20-day moving average crossing at 149.67. Second support is the 50-day moving average crossing at 146.16.    

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

September coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, monthly support crossing at 10.56 is the next downside target. Closes above the 20-day moving average crossing at 11.47 would confirm that a short-term low has been posted.    

September cocoa closed higher on Friday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50-day moving average crossing at 25.55 is the next upside target. Closes below the reaction low crossing at 23.41 would confirm a downside breakout of the aforementioned trading range. 

October sugar closed lower on Friday as it posted a new contract low. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, weekly support crossing at 10.13 is the next downside target. Closes above the 50-day moving average crossing at 12.10 would confirm that a short-term low has been posted. 

October cotton closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends Thursday's rally, the  62% retracement level of the June-July decline crossing at 90.73 is the next upside target. Closes below the 10-day moving average crossing at 85.86 would confirm that a short-term top has been posted.