KEY EVENTS TO WATCH FOR:

Friday, August 19, 2022  

10:00 AM ET. 2^nd Quarter Quarterly Retail E-Commerce Sales

10:00 AM ET. 2^nd Quarter Advance Quarterly Services

10:00 AM ET. July State Employment and Unemployment

  N/A               U.S: Hawaii Statehood Day

Monday, August 22, 2022  

8:30 AM ET. July CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.19)

                       NAI, 3-mo Moving Avg (previous -0.04)

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 decline off Tuesday'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. Closes below the 20-day moving average crossing at 13,137.96 would signal that a short-term top has been posted. If September renews 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. First resistance is Tuesday's high crossing at 13,740.75. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 13,812.10. First support is the 20-day moving average crossing at 13,137.96. Second support is the 50-day moving average crossing at 12,363.42.

The September S&P 500 was lower overnight as it extends the decline off Tuesday's high. Overnight trading 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. Closes below the 20-day crossing at 4159.04 would signal that a short-term top has been posted. If September renews the rally off June's low, the 62% retracement level of the January-June decline crossing at 4352.80 is the next upside target. First resistance is Tuesday's highcrossing at 4327.50. Second resistance is the 62% retracement level of the January-June decline crossing at 4352.80. First support is the 20-day moving average crossing at 4159.04. Second support is the August 2^nd low crossing at 4080.50.  

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

INTEREST RATES: September T-bonds were steady to lower overnight as it extends the decline off August'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 September extends the decline off August's high, the 50-day moving average crossing at 139-04 is the next downside target. Closes above the 20-day moving average crossing at 141-31 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 141-31. Second resistance is the August 10-day moving average crossing at 144-02. First support is the 50-day moving average crossing at 139-04. Second support is the July 11^th low crossing at 136-24.

September T-notes 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 the decline off August's high, the July 21^st low crossing at 117.145 is the next downside target. Closes above the 20-day moving average crossing at 119.262 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.262. Second resistance is the August 4^th high crossing at 120.290. First support is the 50-day moving average crossing at 118.163. Second support is the July 21^st low crossing at 117.145. 

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

ENERGIES:October crude oil was lower overnight and sets the stage for a 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. Closes above last-Thursday's high crossing at $94.17 would signal that a short-term low has been posted. If October resumes the decline off June's high, the February 18^th low crossing at $79.83 is the next downside target. First resistance is last-Thursday's high crossing at $94.17. Second resistance is the 50-day moving average crossing at $96.73. First support is the 38% retracement level of the 2020-2022 rally crossing at $84.81. Second support is the February 18^th low crossing at $79.83.

October heating oil was lower overnight as it consolidates some of the rally off August's low. Overnight trading sets the stage for a 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. Closes above the 50-day moving average crossing at $3.6275 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $3.4222 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $3.6275. Second resistance is July's high crossing at $3.8684. First support is the 20-day moving average crossing at $3.4222. Second support is the August 8^th low crossing at $3.1167.

October unleaded gas was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the August 11^th high crossing at $2.8350 would signal that a short-term low has been posted. If October renews the decline off June's high, the March-2022 low crossing at $2.4776 is the next downside target. First resistance is the August 11^th high crossing at $2.8350. Second resistance is the 50-day moving average crossing at $2.9653. First support is the August 4^th low crossing at $2.5263. Second support is the March-2022 low crossing at $2.4776.

October Henry natural gas was steady to lower overnight as it consolidates some of the rally off August's low. Overnight weakness 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. Closes below the 20-day moving average crossing at 8.455 would signal that a short-term top has been posted. If October extends the rally off August's low, weekly resistance crossing at 9.752 is the next upside target. First resistance is Wednesday's high crossing at 9.650. Second resistance is weekly resistance crossing at 9.752. First support is the 20-day moving average crossing at 8.455. Second support is August's low crossing at 7.536.     

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

CURRENCIES:The September Dollar was higher overnight trading as it extends the rally off last-Wednesday's low and 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 a sideways to higher prices are possible near-term. If September extends the aforementioned rally, July's high crossing at $109.140 is the next upside target. Closes below the 50-day moving average crossing at $105.928 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $107.875. Second resistance is July's high crossing at $109.140. First support is the 50-day moving average crossing at $105.928. Second support is August's low crossing at $104.515.  

The September Euro was lower overnight as it extends the decline off August's high. The 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. Thursday's close below the July 27^th low crossing at $1.01345 marked a downside breakout of the July-August trading range while opening the door for a possible test of July's low crossing at $1.00000. Closes above the 50-day moving average crossing at $1.03251 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1.03251. Second resistance is last-Thursday's high crossing at $1.03965. First support is the overnight low crossing at $1.00730. Second support is July's low crossing at $1.00000.

The September British Pound was lower overnight as it extends this week's decline. Overnight weakness 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 week's decline, July's low crossing at 1.1778 is the next downside target. Closes above the 50-day moving average crossing at 1.2109 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2109. Second resistance is the 25% retracement level of the 2021-2022 decline crossing at 1.2385. First support is the overnight low crossing at 1.1837. Second support is July's low crossing at 1.1778.

The September Swiss Franc was slightly lower overnight as it extends the decline off August's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 50-day moving average crossing at 1.04114 is the next downside target. If September renews the rally off the July 14^th low, the 50% retracement level of the 2021-2022 decline crossing at 1.08120 is the next upside target. First resistance is August'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 50-day moving average crossing at 1.04114. Second support is August's low crossing at 1.03955.

The September Canadian Dollar was lower overnight as it extends the decline off August'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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 5^th low crossing at 76.99 would confirm that a short-term top has been posted. If September renews the rally off the August 5^th low, the 62% retracement level of the April-July decline crossing at 78.67 is the next upside target. First resistance is August'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^thlow crossing at $76.99. Second support is July's low crossing at $75.61.

The September Japanese Yen was lower overnight as it extends Thursday's downside breakout of this month's trading range. Overnight weakness 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 August's high, July's low crossing at 0.072085 is the next downside target. Closes above the 20-day moving average crossing at 0.074609 would signal that a short-term low has been posted. First resistance is the 25% retracement level of this year's decline crossing at 0.076118. Second resistance is the 38% retracement level of this year's decline crossing at 0.078281. First support is the overnight low crossing at 0.073165. Second support is July's low crossing at 0.072085. 

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

PRECIOUS METALS: Decembergold was lower overnight as it extends the decline off the August 10^th high crossing at 1824.60. 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. Closes below the August 3^rd low crossing at $1770.00 would signal that a short-term top has been posted. If December renews the rally off July's low, the 38% retracement level of the March-July decline crossing at $1848.00 is the next upside target. First resistance is the August 10^th high crossing at $1824.60. Second is the 38% retracement level of the March-July decline crossing at $1848.00. First support is the August 3^rd low crossing at $1770.00. Second support is July's low crossing at $1727.00.

September silver was lower overnight as it extends Thursday's downside breakout of this month's trading range. The low-range overnight trade 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. Closes below the August 5^th low crossing at 19.470 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at $18.010 later this month. If September renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 21.575 is the next upside target. First resistance is Monday's high crossing at $20.870. Second resistance is the 38% retracement level of the March-July decline crossing at 21.575. First support is the August 5^th low crossing at 19.470. Second support is July's low crossing at $18.010. 

September copper was steady to higher overnight and 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. Closes below the 20-day moving average crossing at 3.5535 would signal that a short-term top has been posted. If September renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 3.8395 is the next upside target. First resistance is the 50-day moving average crossing at 3.6332. 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 3.5535. Second support is the July 15^th low crossing at 3.1315.

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

December corn was lower overnight and sets the stage for a steady to lower opening when the day sessions 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 $6.11 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. Closes above last-Friday's high crossing at $6.42 3/4 would renews the rally off July's low. First resistance is Monday's high crossing at $6.42 3/4. Second resistance is the 50% retracement level of the May-July decline crossing at $6.64. First support is the 20-day moving average crossing at $6.11 1/2. Second support is the August 3^rd low crossing at $5.87 1/2. 

December wheat was higher overnight as it consolidates some of this week's decline, which marked a downside breakout of the July-August trading range. Overnight trading sets the stage for a 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 possible near-term. If December extends the decline off May's high, the 75% retracement level of the January-May high crossing at $7.26 1/2 is the next downside target. Closes above the August 11^th high crossing at $8.36 would signal that a short-term low has been posted. First resistance is the July 20^th high crossing at $8.63 3/4. Second resistance is the 50-day moving average crossing at $8.76. First support is Thursday's low crossing at $7.43 1/4. Second support is the 75% retracement level of the January-May high crossing at $7.26 1/2.  

December Kansas City wheat was higher overnight as it consolidates some of Thursday's decline, which led to a downside breakout of the July-August trading range. Overnight strength sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are becoming 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, February's low crossing at $7.72 1/2 the next downside target. Closes above the August 11^th high crossing at $8.97 would signal that a short-term low has been posted. First resistance is the July 29^th high crossing at $9.21 1/2. Second resistance is the 50-day moving average crossing at $9.34. First support is the 62% retracement level of the January-May rally crossing at $8.30 3/4. Second support is the February's low crossing at $7.72 1/2.

December Minneapolis wheat was slightly higher overnight as it consolidates some of Thursday's decline, which marked a downside breakout of the July-August trading range. Overnight strength 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 possible near-term. If December extends the decline of May's high, the 75% retracement level of the January-May rally crossing at $8.29 1/2 is the next downside target. Closes above the July 20^th high crossing at $9.56 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the July 20^th high crossing at $9.67. Second resistance is the 50-day moving average crossing at $9.84. First support is Thursday's low crossing at $8.61 3/4. Second support is the 75% retracement level of the January-May high crossing at $8.29 1/2. 

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

November soybeans was lower overnight and remains poised to extend the decline off last-Friday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If November renews this week's decline, the August 3^rd low crossing at $13.56 is the next downside target. If November renews the rally off the August 3^rd low, the July 29^th high crossing at $14.89 is the next upside target. First resistance is last-Friday's high crossing at $14.64 3/4. Second resistance is the July 29^th high crossing at $14.89. Third resistance is the June 30^th high crossing at $15.07 3/4. First support is the August 3^rd low crossing at $13.56. Second support is July's low crossing at $12.88 1/2.

December soybean meal was lower overnight. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $408.40 would temper the near-term bearish outlook. Closes below the August 3^rd low crossing at $3.95 1/2 would renew the decline off July's high while opening the door for a test of the July 22^nd low crossing at $380.80. First resistance is the August 10^th high crossing at $4.24. Second resistance is July's high crossing at $431.70. First support is the August 3^rd low crossing at $395.50. Second support is the July 22^nd low crossing at $380.80.  

December soybean oil 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 63.60 would signal that a short-term top has been posted. If December renews the rally off July's low, the 62% retracement level of the June-July decline crossing at 69.82 is the next upside target. First resistance is last-Friday's high crossing at 68.16. 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 63.60. Second support is the August 4^th low crossing at 60.20.