KEY EVENTS TO WATCH FOR:

Thursday, July 14, 2022  

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 44.7K)

                       Soybeans (Metric Tons) (previous 80.1K)

                       Wheat (Metric Tons) (previous 286.4K)

8:30 AM ET. June PPI

                       PPI, M/M% (expected +0.8%; previous +0.8%)

                       Ex-Food & Energy PPI, M/M% (expected +0.5%; previous +0.5%)

                       Personal Consumption (previous +0.6%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 234K; previous 235K)

                       Jobless Claims, Net Chg (previous +4K)

                       Continuing Claims (previous 1375000)

                       Continuing Claims, Net Chg (previous +51K)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2311B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +60B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, July 15, 2022   

8:30 AM ET. July Empire State Manufacturing Survey

                       Mfg Idx (expected -1; previous -1.2)

                       Employment Idx (previous 19.0)

                       New Orders Idx (previous 5.3)

                       Prices Received (previous 43.6)

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

                       Overall Sales-SA, M/M% (expected +0.9%; previous -0.3%)

                       Sales, Ex-Auto, M/M% (expected +0.5%; previous +0.5%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.1%)

8:30 AM ET. June Import & Export Price Indexes

                       Import Prices (expected +0.7%; previous +0.6%)

                       Non-Petroleum Prices (previous -0.1%)

                       Petroleum Prices (previous +6.7%)

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

                       Industrial Production, M/M% (expected +0.1%; previous +0.2%)

                       Capacity Utilization % (expected 80.5%; previous 79.0%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.1)

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

                       Total Inventories (expected +1.2%; previous +1.2%)

10:00 AM ET. July University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (expected 50.2; previous 50.2)

                       Mid-Mo Expectations (previous 46.8)

                       Mid-Mo Current Idx (previous 55.4)

Monday, July 18, 2022   

10:00 AM ET. July NAHB Housing Market Index

                       Housing Mkt Idx (previous 67)

4:00 PM ET. May Treasury International Capital Data

Tuesday, July 19, 2022  

8:30 PM ET. June New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.549M)

                       Housing Starts, M/M% (previous -14.4%)

                       Building Permits (previous 1.695M)

                       Building Permits, M/M% (previous -7.0%)

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)

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

The STOCK INDEXES: The September NASDAQ 100 was lower overnight as it extends the trading range of the past four-weeks.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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11,736.16 would temper the near-term friendly outlook while opening the door for a test of the June 30^th low crossing at 11,351.00. Closes above the 50-day moving average crossing at 12,103.32 would open the door for additional gains and a possible test of June's high crossing at 12,973.75. First resistance is the 50-day moving average crossing at 12,103.32. Second resistance is June's high crossing at 12,973.75. First support is the June 30^th low crossing at 11,351.00. Second support is June's low crossing at 11,068.50.  

The September S&P 500 was steady to lower overnight and 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 September extends this week's decline, the June 30^th low crossing at 3741.25 is the next downside target. If September resumes the rally off June's low, the 50-day moving average crossing at 3943.66 is the next upside target. First resistance is the 50-day moving average crossing at 3943.62. Second resistance is the June 28^th high crossing at 3950.00. First support is the June 30^th low crossing at 3741.25. Second support is June's low crossing at 3642.00.  

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

INTEREST RATES: September T-bonds were 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 143-25 is the next upside target. Closes below the 20-day moving average crossing at 137-03 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 142-06. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-25. First support is the 20-day moving average crossing at 137-03. Second support is June's low crossing at 131-01.

September T-notes was lower overnight. Overnight trading 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 20-day moving average crossing at 117.209 would temper the near-term friendly outlook. If September renews the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next upside target. First resistance is May's high crossing at 120.195. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next downside target. First support is the 20-day moving average crossing at 117.209. Second support is the June 28^th low crossing at 116.110.  

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

ENERGIES:August crude oil was lower overnight as it extends the decline off June's high. Overnight trading 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 June's high, April's low crossing at $91.66 is the next downside target. Closes above the 20-day moving average crossing at $105.24 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $100.99. Second resistance is the 20-day moving average crossing at $105.24. First support is the overnight low crossing at $93.24. Second support is April's low crossing at $91.66.

August heating oil was steady to lower overnight and sets the stage for a 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. If August renews the decline off June's high, the 38% retracement level of the 2020-2022 rally crossing at $3.2689 is the next downside target. Closes above the 20-day moving average crossing at $3.9505 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.8735. Second resistance is the 20-day moving average crossing at $3.9505. First support is the last-Wednesday's low crossing at $3.3510. Second support is the 38% retracement level of the 2020-2022 rally crossing at 3.2689.

August unleaded gas was lower overnight and sets the stage for additional weakness 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 June's high, the April 25^th low crossing at 2.9974 is the next downside target. Closes above the 50-day moving average crossing at 3.6329 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.3755. Second resistance is the 20-day moving average crossing at $3.5613. First support is the April 25^th low crossing at 2.9974. Second support is the March 29^th low crossing at 2.8467.  

August Henry natural gas was higher overnight as it extends the rally off July's low. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, the 50-day moving average crossing at 7.595 is the next upside target. Closes below the 10-day moving average crossing at 6.059 would signal that a short-term top has been posted. If August resumes the decline off June's high, the 62% retracement level of 2020-2022 rally crossing at 5.067 is the next downside target. First resistance is the overnight high crossing at 6.841. Second resistance is the 50-day moving average crossing at 7.595. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4.083.     

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

CURRENCIES:The September Dollar was higher overnight as it posted a new contract high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target. Closes below the 20-day moving average crossing at $105.572 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $108.565. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717. First support is the 10-day moving average crossing at $106.887. Second support is the 20-day moving average crossing at $105.573.  

The September Euro was steady to 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 September extends the decline off May's high, the December 2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. Closes above the 20-day moving average crossing at $1.04116 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1.02386. Second resistance is the 20-day moving average crossing at $1.04118. First support is Wednesday's low crossing at $1.00460. Second support is the December 2002 low on the monthly continuation chart crossing at $0.98540.  

The September British Pound was lower overnight and sets the stage for a 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 September extends this year's decline, the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1802 is the next downside target. Closes above the 20-day moving average crossing at 1.2120 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2120. Second resistance is the 50-day moving average crossing at 1.2312. First support is Tuesday's low crossing at 1.1823. Second support is the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1802.

The September Swiss Franc was lower overnight as it extends the decline off June'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 September extends the decline off June's high, the 75% retracement level of June's rally crossing at 1.01656 is the next downside target. Closes above the 20-day moving average crossing at 1.03791 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.03249. Second resistance is June's high crossing at 1.05910. First support is the 75% retracement level of June's rally crossing at 1.01656. Second support is the 87% retracement level of June's rally crossing at 1.00974. 

The September Canadian Dollar was sharply lower overnight having broken out to the downside of a two-week trading range to renew the decline off April's high. The low-range overnight trade sets the stage for a 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. If September extends the decline off June's high, the 50% retracement level of the 2020-2021 rally crossing at $75.79 is the next downside target. Closes above the 50-day moving average crossing at $77.75 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $77.75. Second resistance is June's high crossing at $79.84. First support is the overnight low crossing at $76.08. Second support is the 50% retracement level of the 2020-2021 rally crossing at $75.79.

The September Japanese Yen was lower overnight as it extends this year's decline. Overnight trading sets the stage for a 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 September extends the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. Closes above the 20-day moving average crossing at 0.074001 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.074001. Second resistance is the 50-day moving average crossing at 0.076016. First support is the overnight low crossing at 0.072085. Second support is the September-1990 low on the monthly continuation chart crossing at 0.072160.  

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

PRECIOUS METALS: Augustgold was lower overnight and sets the stage for a 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 June's high, the March-2021 low crossing at $1694.90 is the next downside target. Closes above the 20-day moving average $1790.20 would signal that a short-term low has been posted. First resistance is the 10-day moving average $1749.30. Second is the 20-day moving average crossing at $1790.20. First support is Wednesday's low crossing at $1704.50. Second support is the March-2021 low crossing at $1694.90.

September silver was lower overnight as it extends the trading range of the past six-days. The low-range trade sets the stage for a lower opening when the day session begins trading later this morning. 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 March's high, the June-2020 low on the weekly continuation chart crossing at $17.015 is the next downside target. Closes above the 20-day moving average crossing at $20.312 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $19.269. Second resistance is the 20-day moving average crossing at 20.312. First support is the overnight low crossing at $18.605. Second support is the June-2020 low on the weekly continuation chart crossing at $17.015.

September copper was slightly lower overnight. Overnight trading 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 September extends the decline off June's high, the 75% retracement level of the 2020-2022 rally crossing at 2.8770 is the next downside target. Closes above the 20-day moving average crossing at 3.6845 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.4534. Second resistance is the 20-day moving average crossing at 3.6845. First support is the 62% retracement level of the 2020-2022 rally crossing at 3.2498. Second support is the 75% retracement level of the 2020-2022 rally crossing at 2.8770.  

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

December corn was lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4 is the next downside target. Closes above Monday's high crossing at $6.58 1/2 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 20-day moving average crossing at $6.44 1/4. Second resistance is the 50-day moving average crossing at $6.93. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the January low crossing at $5.42 1/2.   

September wheat was steady to lower overnight as it extends the decline off Monday's high. Overnight trading 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 September resumes the decline off May's high, the 75% retracement level of the January-May high crossing at $7.23 is the next downside target. Closes above Monday's high crossing at $9.40 1/4 are needed to signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.10. Second resistance is the 50-day moving average crossing at $10.41 1/4. First support is the February 16^th low crossing at $7.77 1/2. Second support is the 75% retracement level of the January-May high crossing at $7.23. 

September Kansas City wheat was lower overnight as it extends the decline off Monday's high. Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, February's low crossing at $7.64 1/2 the next downside target. Closes above Monday's high crossing at $9.98 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.69 1/4. Second resistance is the 50-day moving average crossing at $11.12 3/4. First support is the 62% retracement level of the January-May rally crossing at $8.32 3/4. Second support is the February's low crossing at $7.64 1/2.

September Minneapolis wheat was steady to slightly higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline of May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. Closes above Monday's high crossing at $10.44 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $10.20 3/4. Second resistance is the 50-day moving average crossing at $11.60 1/2. First support is last-Wednesday's low crossing at $8.70 1/2. Second support is the 75% retracement level of the January-May high crossing at $8.12 3/4. 

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

November soybeans was lower overnight as it extends the decline off Monday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If November resumes the decline off June's high, the 38% retracement level of the crossing at $12.99 1/4 is the next downside target. If November renews the rally off last-Wednesday's low, the 50-day moving average crossing at $14.78 3/4 is the next upside target. First resistance is the 20-day moving average crossing at $14.24 1/2. Second resistance is the 50-day moving average crossing at $14.78 3/4. First support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4. Second support is January's low crossing at $12.74.

December soybean meal was steady to lower overnight and 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. If December renews the decline off Monday's high, July's low crossing at $375.30 is the next downside target. If December renews the rally off July's low, June's high crossing at $418.00 is the next upside target. First resistance is June's high crossing at $418.00. Second resistance is April's high crossing at $419.10. First support is July's low crossing at $375.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at $365.40. 

December soybean oil was lower overnight as it extends the decline off Monday's high. The low-range overnight trade sets the stage for a 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 month's decline, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. Closes above last-Tuesday's gap crossing at 62.01 would signal that a short-term low has been posted. First resistance is last-Tuesday's gap crossing at 62.01. Second resistance is the 20-day moving average crossing at 64.84. First support is the overnight low crossing at 55.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.