KEY EVENTS TO WATCH FOR:

Friday, August 12, 2022 

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

                       Import Prices (previous +0.2%)

                       Non-Petroleum Prices (previous -0.4%)

                       Petroleum Prices (previous +5%)

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

                       Mid-Mo Sentiment (previous 51.1)

                       Mid-Mo Expectations (previous 47.3)

                       Mid-Mo Current Idx (previous 57.1)'

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 gap closed higher on Thursday as it extended the rally off June's low. Profit taking ahead of the close tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Friday'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 the Dow extends the rally off June's low, weekly resistance crossing at 34,042.81 is the next upside target. Closes below the 20-day moving average crossing at 32,355.77 would signal that a short-term top has been posted. First resistance is today's high crossing at 33,651.80. Second resistance is weekly resistance crossing at 34,042.81. First support is the 20-day moving average crossing at 32,355.87. Second support is the 50-day moving average crossing at 31,737.84.

The September NASDAQ 100 closed lower on Thursday as it consolidates some of the rally off June's low. Today's low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If September extends the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 13,812.10 is the next upside target. Closes below the 20-day moving average crossing at 12,757.74 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 13,575.00. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 13,812.10. First support is is the 20-day moving average crossing at 12,757.34. Second support is the 50-day moving average crossing at 12,259.17.  

The September S&P 500 closed slightly higher on Thursday as it extended the rally off July's low and spiked above the 50% retracement level of this year's decline crossing at 4215.81. The low-range close sets the stage for a steady to lower opening when Friday'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 the rally off June's low, the 62% retracement level of the January-June decline crossing at 4352.80 is the next upside target. Closes below the 20-day moving average crossing at 4052.34 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-June decline crossing at 4215.81. Second resistance is the April 28^th high crossing at 4308.50. First support is the 20-day moving average crossing at 4052.34. Second support is the 50-day moving average crossing at 3951.34.    

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September T-bonds closed down 1-30-pts. at 140-00. 

September T-bonds closed lower on Thursday as it renewed the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Friday'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 extends today's decline, the 50-day moving average crossing at 138-25 is the next downside target. If September renews the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 147-27 is the next upside target. First resistance is last-Tuesday's high crossing at 145-31. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 147-27. First support is the 50-day moving average crossing at 138-25. Second support is the July 11^th low crossing at 136-24. 

September T-notes closed down 210-pts. at 119.030.

September T-notes closed higher on Thursday as it renewed the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off last-Tuesday's high, the 50-day moving average crossing at 118.138 is the next downside target. If September renews the rally off June's low, the 50% retracement level of the December-June decline crossing at 122.204 is the next upside target. First resistance is last-Tuesday's high crossing at 122.020. Second resistance is the 50% retracement level of the December-June decline crossing at 122.204. First support is the 50-day moving average crossing at 118.138. Second support is the July 21^st low crossing at 117.145.   

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

September crude oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $94.66 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at $86.43 is the next downside target. First resistance is the 20-day moving average crossing at $94.66. Second resistance is the 50-day moving average crossing at $101.69. First support is the 38% retracement level of the 2021-2022 rallycrossing at $86.43. Second support is the 50% retracement level of the 2021-2022 rallycrossing at $76.56.  

September heating oil closed higher on Thursday as it extended the rally off Monday's low and closed above the 20-day moving average crossing at 3.4612 signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September renews the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.8185 is the next downside target. First resistance is today's high crossing at 3.5262. Second resistance is the July 28^th high crossing at $3.7308. First support is the 38% retracement level of the 2021-2022 rally crossing at 3.1874. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.8185.  

September unleaded gas closed slightly lower on Thursday as it consolidated some of the rally off last-Thursday's low but remains above the 20-day moving average crossing at 3.0330. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $3.1427 would signal that a short-term low has been posted while opening the door for additional gains near-term. If September renews the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.4586 is the next downside target. First resistance is the July 29th high crossing at $3.2492. Second resistance is the 50-day moving average crossing at $3.3336. First support is the 38% retracement level of the 2021-2022 rally crossing at 2.8073. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.4586.

September Henry natural gas closed sharply higher on Thursday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July's low, June's high crossing at 9.598 is the next upside target. Closes below the 50-day moving average crossing at 7.480 would signal that a short-term top has been posted. First resistance is July's high crossing at 9.419. Second resistance is June's high crossing at 9.598. First support is the 50-day moving average crossing at 7.480. Second support is the July 15^th low crossing at 6.351.      

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

The September Dollar closed slightly lower on Thursday as it extends Wednesday's breakout below the 50-day moving average crossing at $105.445 opening the door for additional weakness near-term. The mid-range close sets the stage for a steady to lower opening when Friday's nights session begins trading. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near-term. If September extends the decline off July's high, the 38% retracement level of the 2021-2022 rally crossing at $102.753 is the next downside target. Closes above the 20-day moving average crossing at 106.488 would signal that a short-term low has been posted. First resistance is the July 27^th high crossing at $107.300. Second resistance is July's high crossing at $109.140. First support is today's slow crossing at $104.515. Second support is the 38% retracement level of the 2021-2022 rally crossing at $102.753.   

The September Euro closed slightly higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.03963 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $1.02354 would signal that a short-term top has been posted. If September renews the decline, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. First resistance is the 50-day moving average crossing at $1.03963. Second resistance is the June 27^th high crossing at 1.06785. First support is the July 27^th low crossing at $1.01345. Second support is the July 14^th low crossing at $1.00000. 

The September British Pound posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned bullish signaling sideways to higher prices are possible near-term. If September renews the rally off July's low, the 25% retracement level of the 2021-2022 decline crossing at 1.2385 is the next upside target. Closes below last-Friday's low crossing at 1.2012 would temper the near-term friendly outlook. First resistance is the 25% retracement level of the 2021-2022 decline crossing at 1.2385. Second resistance is the May high crossing at 1.2677. First support is last-Friday's low crossing at 1.2012. Second support is July's low crossing at 1.1778.   

The September Swiss Franc closed higher on Thursday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term.  If September extends the rally off July's low, the 50% retracement level of the 2021-2022 decline crossing at 1.08120 is the next upside target. Closes below the 50-day moving average crossing at 1.03945 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.07010. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 1.08120. First support is the 20-day moving average crossing at 1.04554. Second support is the 50-day moving average crossing at 1.03945.  

The September Canadian Dollar closed higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 62% retracement level of the April-July decline crossing at 78.67 is the next upside target. Closes below last-Friday's low crossing at 76.99 would confirm that a short-term top has been posted. First resistance is today's high crossing at 78.55. Second resistance is the 62% retracement level of the April-July decline crossing at 78.67. First support is the August 5^th low crossing at 76.99. Second support is the July 5^th low crossing at 76.43.

The September Japanese Yen closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’s night 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 July's low, the 38% retracement level of this year's decline crossing at 0.078281 is the next upside target. Closes below the 20-day moving average crossing at 0.074165 is the next downside target. First resistance is last-Tuesday's high crossing at 0.076960. Second resistance is the 38% retracement level of the crossing at 0.078281. First support is the 20-day moving average crossing at 0.074165. Second support is July's low crossing at 0.072085.    

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December gold closed lower on Thursday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Friday'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 December extends the rally off July's low, the 38% retracement level of the March-July decline crossing at $1846.60 is the next upside target. Closes below the 20-day moving average crossing at $1766.00 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the March-July decline crossing at $1846.60. Second resistance is the 50% retracement level of the March-July decline crossing at $1894.90. First support is the 10-day moving average crossing at $1796.80. Second resistance is the 20-day moving average crossing at $1766.00.  

September silver closed lower on Thursday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Friday'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 the rally off July's low, the 38% retracement level of the March-July decline crossing at 21.575. Closes below the 20-day moving average crossing at 19.506 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 20.830. Second resistance is the 38% retracement level of the March-July decline crossing at 21.575. First support is the 20-day moving average crossing at 19.506. Second support is the July 14^th low crossing at 18.010. 

September copper closed higher on Thursday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday'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 the rally off July's low, the 50-day moving average crossing at 3.7324 is the next upside target. Closes below the 20-day moving average crossing at 3.4568 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 3.7324. Second resistance is the 38% retracement level of the March-July decline crossing at 3.8395. First support is the 20-day moving average crossing at 3.4568. Second support is the July 15^th low crossing at 3.1315.

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

December Corn closed up $0.09 1/4-cents at $6.27 3/4. 

December corn closed higher on Thursday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Pre-report estimates for tomorrow's August supply-demand report are as follows.Yield est. 176 bpa vs. 177 bpa July. Production est. 14.392 vs. 14.505 bbu July.  Harvested area 81.837 vs. 81.94 mil acres July. Stocks seen at 1.402 vs. 1.470 bbu July for 22/23. the trade is leaning neutral to slightly bullish heading into tomorrow's report with a modest 1 bpa drop in yield seen for this report and a small decrease in harvested acres as well. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the 50-day moving average crossing at $6.40 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.02 1/4 would temper the near-term neutral to friendly outlook. First resistance is the July 29^th high crossing at $6.36 1/2. Second resistance is the 50-day moving average crossing at $6.40 3/4. First support is the July 26^th gap crossing at $5.84 1/4. Second support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. 

September wheat closed up $0.11-cents at $8.10 3/4.  

September wheat closed higher on Thursday while extending the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Pre-report trade estimates are as follows. All wheat production 1.791 vs. 1.781 bbu July. All Winter production 1.203 vs. 1.201 bbu July. HRS 510 vs. 503 mbu July.  It appears as though the larger HRS already factored in. World estimates for the 22/23 crop are as follows. Wheat stocks pegged at 268 vs. 267.52 mmt July. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the July 29^th high crossing at $8.45 3/4 would signal that a short-term low has been posted while marking a potential upside breakout of the aforementioned trading range. If September renews the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. First resistance is the July 29^th high crossing at $8.45 3/4. Second resistance is the 50-day moving average crossing at $8.96. First support is last-Wednesday's low crossing at $7.52. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

September Kansas City Wheat closed up $0.16 1/2-cents at $8.89 1/4.

September Kansas City wheat closes higher on Thursday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways trading is possible near-term. Closes above the July 29^th high crossing at $9.15 1/4 would signal that a short-term low has been posted. If September renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target.First resistance is the July 29^th high crossing at $9.15 1/4. Second resistance is the 50-day moving average crossing at $9.62 1/2. First support is July's low crossing at $8.14 1/2. Second support is February's low crossing at $7.64 1/2.

September Minneapolis wheat closed up $0.15 1/2-cents at $9.21 3/4.

September Minneapolis wheat closed higher on Thursday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the July 20^th high crossing at $9.56 would signal that a short-term low has been posted. If September resumes the decline off May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. First resistance is the July 20^th high crossing at $9.56. Second resistance is the 50-day moving average crossing at $10.12 3/4. First support is last-Wednesday's low crossing at $8.64 3/4. Second support is the 75% retracement level of the January-May rally crossing at $8.12 3/4.

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November soybeans closed up $0.20 3/4-cents at $14.48 1/2.

November soybeans closed higher on Thursday as it extends the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off July's low, the June 30^th high crossing at $15.07 3/4 is the next upside target. Closes below the 20-day moving average crossing at $13.88 3/4 would confirm that a short-term top has been posted. First resistance is the July 29^th high crossing at $14.89. Second resistance is the June 30^th high crossing at $15.07 3/4. First support is the 20-day moving average crossing at $13.88 3/4. Second support is the bottom of the July 26^th gap crossing at $13.49 1/4. Third support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4.  

December soybean meal closed up $4.60 at $412.40. 

December soybean meal closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off July's low, March's high crossing at $436.80 is the next upside target. Multiple closes below last-Wednesday's low crossing at $395.50 would signal that a short-term top has been posted. First resistance is March's high crossing at $436.80. Second resistance is February's high crossing at $439.00. First support is last-Wednesday's low crossing at $395.50. Second support is the July 22^nd low crossing at $380.80.  

December soybean oil closed up 163-pts. at 67.62. 

December soybean oil closed higher on Thursday following yesterday's key reversal up as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday'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 December extends the rally off July's low, the June 29^th crossing at 67.76 is the next upside target. Closes below the 20-day moving average crossing at 61.36 would signal that a short-term top has been posted. First resistance is the June 29^th high crossing at 67.76. Second resistance is the 62% retracement level of the June-July decline crossing at 69.82. First support is the 20-day moving average crossing at 61.36. Second support is July's low crossing at 54.42. 

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

October hogs closed up $0.23 at $101.08. 

October hogs closed higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Friday's 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 July's low, weekly resistance crossing at $103.72 is the next upside target. Closes below the 20-day moving average crossing at $96.71 would signal that a short-term top has been posted. First resistance is today's high crossing at $101.65. Second resistance is weekly resistance crossing at $103.72. First support is the 20-day moving average crossing at $96.71. Second support is the 50-day moving average crossing at $94.11. 

October cattle closed up $0.63 at $145.10 

October cattle closed higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 June's low, the April 25^th gap crossing at $145.98 is the next upside target. Closes below the 20-day moving average crossing at $142.48 would confirm that a short-term top has been posted. First resistance is the April 25^th gap crossing at $145.98. Second resistance is April's high crossing at $147.50. First support is the 20-day moving average crossing at $142.59. Second support is the 50-day moving average crossing at $141.26. 

September Feeder cattle closed down $0.40 at $184.60. 

September Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, February's high crossing at $188.25 is the next upside target. Close below the July 29^th low crossing at $178.28 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Monday's high crossing at $186.25. Second resistance is February's high crossing at $188.25. First support is the July 29^th low crossing at $178.28. Second support is the July 11^th low crossing at $173.15.     

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

September coffee closed higher on Thursday and above the 50-day moving average crossing at $22.09 opening the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, July's high crossing at $23.61 is the next upside target. Closes below the reaction low crossing at $20.42 would signal that a short-term top has been posted. First resistance is today's high crossing at $22.45. Second resistance is July's high crossing at $23.61. First support is the reaction low crossing at $20.42. Second support is July's low crossing at $19.60.                    

September cocoa closed higher on Thursday as it extends Wednesday's breakout above the 50-day moving average crossing at 23.80 thereby opening the door for additional gains near-term. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off last Thursday's low, the June 21^st high crossing at 24.76 is the next upside target. Closes below the 20-day moving average crossing at 23.43 would signal that a short-term top has been posted.       

October sugar closed higher on Thursday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 18.50 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at 17.88 would signal that a short-term top has been posted. 

December cotton closed sharply higher on Thursday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 50% retracement level of the May-July decline crossing at 108.25 is the next upside target. Closes below the 20-day moving average crossing at 94.86 would signal that a short-term top has been posted.