KEY EVENTS TO WATCH FOR:
Friday, September 2, 2022
8:30 AM ET. August U.S. Employment Report
Non-Farm Payrolls (previous +528K)
Unemployment Rate (previous 3.5%)
Avg Hourly Earnings (USD) (previous 32.27)
Avg Hourly Earnings-Net Chg (USD) (previous +0.15)
Avg Hourly Earnings, M/M% (previous +0.47%)
Avg Hourly Earnings, Y/Y% (previous +5.22%)
Overall Workweek (previous 34.6)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +57K)
Private Payroll (previous +471K)
Participation Rate (previous 62.1%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. July Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous +2.0%)
Orders, Ex-Defense, M/M% (previous +1.3%)
Orders, Ex-Transport, M/M% (previous +1.4%)
Durable Goods, M/M%
Durable Goods, M/M%
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The September NASDAQ 100 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 oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, the July 13th low crossing at 11,479.25 is the next downside target. Closes above the 20-day moving average crossing at 13,015.81 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 13,220.00. Second resistance is August's high crossing at 13,740.75. First support is the July 13th low crossing at 11,479.25. Second support is the June 30th low crossing at 11,351.00.
The September S&P 500 was steady to 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 August's high, the July 14th low crossing at 3723.76 is the next downside target. Closes above the 20-day moving average crossing at 4147.54 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4023.21. Second resistance is the 20-day moving average crossing at 4147.54. First support is the July 26th low crossing at 3913.25. Second support is the July 14th low crossing at 3723.76.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were steady to slightly higher 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 August's high, the June 16th low crossing at 131-01 is the next downside target. Closes above the 50-day moving average crossing at 139-17 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 139-17. Second resistance is the August 10th high crossing at 144-02. First support is Thursday's low crossing at 133-22. Second support is the June 16th low crossing at 131-01.
September T-notes was higher overnight as it consolidates some of the decline off August's high. 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 September extends the decline off August's high, June's low crossing at 114.075 is the next downside target. Closes above the 50-day moving average crossing at 118.218 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 118.218. Second resistance is the August 10th high crossing at 120.220. First support is Thursday's low crossing at 115.230. Second support is June's low crossing at 114.075.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:October crude oil was higher overnight as it consolidates some of the decline off Tuesday's high. Overnight trading sets the stage for a 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 October extends this week's decline, the 38% retracement level of the 2020-2022 rally crossing at $84.81 is the next downside target. Closes above the 50-day moving average crossing at $93.56 would temper the near-term bearish outlook. First resistance is Tuesday's high crossing at $97.66. Second resistance is the July 29th high crossing at $99.75. First support is the 38% retracement level of the 2020-2022 rally crossing at $84.81. Second support is the February 18th low crossing at $79.83.
October heating oil was steady to slightly lower overnight as it extends the decline off the August 25th high. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $3.5667 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at $3.7727 would temper the near-term bearish outlook. First resistance is the August 25th high crossing at $4.0392. Second resistance is June's high crossing at $4.2595. First support is the 50-day moving average crossing at $3.5667. Second support is the August 15th low crossing at $3.3491.
October unleaded gas was higher overnight as it consolidates some of the decline off Tuesday's high. 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 October extends the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at $2.2446 is the next downside target. Closes above the 50-day moving average crossing at $2.8078 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.8078. Second resistance is the July 29th high crossing at $2.9628. First support is Thursday's low crossing at $2.3501. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.2446.
October Henry natural gas was lower overnight as it extends the trading range of the past three-weeks. Overnight weakness sets the stage for a 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 8.974 would signal that a short-term top has been posted. If October renews the rally off the August 8th low, weekly resistance crossing at 10.299 is the next upside target. First resistance is last-Tuesday's high crossing at 9.987. Second resistance is weekly resistance crossing at 10.299. First support is the 20-day moving average crossing at 8.974. Second support is the 50-day moving average crossing at 7.859.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was lower overnight trading as it consolidates some of Thursday's rally. The low-range 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 a sideways to higher prices are possible near-term. If September extends the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. Closes below the 50-day moving average crossing at $106.823 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $109.980. Second resistance is monthly resistance crossing at $114.782. First support is the 20-day moving average crossing at $107.575. Second support is the 50-day moving average crossing at $106.823.
The September Euro was steady to higher overnight as it extends the trading range of the past two-weeks. The overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews this year's decline, monthly support crossing at $0.93211 is the next downside target. Closes above the 50-day moving average crossing at $1.02080 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1.02080. Second resistance is August's high crossing at $1.03965. First support is last-Tuesday's low crossing at $0.99160. Second support is monthly support crossing at $0.93211.
The September British Pound was steady to higher overnight as it consolidates some of this week's decline. 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 September extends this month's decline, the March-2020 low on the monthly continuation chart crossing at 1.1438 is the next downside target. Closes above the 20-day moving average crossing at 1.1888 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1888. Second resistance is the 50-day moving average crossing at 1.1998. First support is Thursday's low crossing at 1.1501. Second support is the March-2020 low on the monthly continuation chart crossing at 1.1438.
The September Swiss Franc was 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 aforementioned decline, June's low crossing at 1.00235 is the next downside target. Closes above the 20-day moving average crossing at 1.04350 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.04350. Second resistance is August's high crossing at 1.07010. First support is Thursday's low crossing at 1.01510. Second support is June's low crossing at 1.00235.
The September Canadian Dollar was higher overnight as it consolidates some of the decline off August's high. The mid-range overnight trade 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 September extends the decline off August's high, July's low crossing at 75.61 is the next downside target. Closes above the 50-day moving average crossing at 77.30 would signal that a short-term low has been posted. First resistance is the August 25th high crossing at 77.53. Second resistance is August's high crossing at $78.55. First support is Thursday's low crossing at $75.68. Second support is July's low crossing at $75.61.
The September Japanese Yen was steady to lower overnight. 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 August's high, long-term support crossing at 0.070000 is the next downside target. Closes above the 50-day moving average crossing at 0.073730 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.073730. Second resistance is the August 11th high crossing at 0.076115. First support is the overnight low crossing at 0.071280. Second support is long-term support crossing at 0.070000.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Decembergold was higher overnight as it consolidates some of the decline off the August 10th high crossing at 1824.60. 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 August's high, July's low crossing at $1696.10 is the next downside target. Closes above the 20-day moving average crossing at $1769.20 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1769.20. Second resistance is the August 10th high crossing at $1824.60. First support is Thursday's low crossing at $1699.10. Second support is July's low crossing at $1696.10.
December silver was steady to higher overnight as it consolidates some of this year's decline. The high-range overnight trade sets the stage for a steady to higher 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 December extends this year's decline, the 75% retracement level of the 2020 rally crossing at $16.778 is the next downside target. Closes above the 50-day moving average crossing at 19.540 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 19.540. Second resistance is August's high crossing at $20.870. First support is Thursday's low crossing at 17.400. Second support is the 75% retracement level of the 2020 rally crossing at $16.778.
December copper was lower overnight as it extends the decline off last-Friday's high. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Friday's high, July's low crossing at 3.1355 is the next downside target. Closes above the 20-day moving average crossing at 3.6132 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.6132. Second resistance is the 38% retracement level of the March-July decline crossing at 3.8291. First support is the overnight low crossing at 3.3815. Second support is July's low crossing at 3.1355.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was higher overnight as it consolidates some of this week's decline. Overnight strength sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.40 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off July's low, the 62% retracement level of the May-July decline crossing at $6.88 is the next upside target. First resistance is the 62% retracement level of the May-July decline crossing at $6.88. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is the 10-day moving average crossing at $6.60 3/4. Second support is the 20-day moving average crossing at $6.40 1/4.
December wheat was higher overnight as it extends this week's trading range. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If December renews 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 July 29th high crossing at $8.63 3/4 would mark an upside breakout of the July-August trading range. First resistance is the July 29th high crossing at $8.63 3/4. Second resistance is the July 11th high crossing at $9.54. First support is the August 18th 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. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. 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 May's high, February's low crossing at $7.72 1/2 the next downside target. Closes above the July 29th high crossing at $9.21 1/2 would mark an upside breakout of the July-August trading range. First resistance is the July 29th high crossing at $9.21 1/2. Second resistance is the July 11th high crossing at $10.10. 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 higher overnight as it extends the July-August trading range. Overnight strength sets the stage for a 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 December renews 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 20th high crossing at $9.67 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the July 20th high crossing at $9.67. Second resistance is the July 11th high crossing at $10.56 1/4. First support is the August 18th 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 higher overnight as it consolidates some of the decline off last-Wednesday's high. Overnight trading sets the stage for a 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 November extends the decline off last-Wednesday's high, the August 16th low crossing at $13.76 is the next downside target. Closes above the 10-day moving average crossing at $14.34 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $14.34. Second resistance is last-Wednesday's high crossing at $14.84 1/2. First support is the August 16th low crossing at $13.76. Second support is the August 3rd low crossing at $13.56. Third support is July's low crossing at $12.88 1/2.
December soybean meal was higher overnight and working on a possible inside day as it consolidates some of this week's decline. The mid-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. Closes below the 20-day moving average crossing at $413.70 would signal that a short-term top has been posted. If December renews the rally off July's low, the February 22nd high crossing at $4.39 is the next upside target. First resistance is last-Wednesday's high crossing at $4.36 60. Second resistance is the February 22nd high crossing at $4.39. First support is the 20-day moving average crossing at $413.70. Second support is the 50-day moving average crossing at $405.10.
December soybean oil was higher overnight as it consolidates some of Thursday's sharp decline while extending the trading range of the past four-weeks. 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. Closes below the 50-day moving average crossing at 62.82 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. 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 the August 12th 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 50-day moving average crossing at 62.82. Second support is the August 4th low crossing at 60.20.