KEY EVENTS TO WATCH FOR:
Thursday, September 8, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 232K)
Jobless Claims, Net Chg (previous -5K)
Continuing Claims (previous 1438000)
Continuing Claims, Net Chg (previous +26K)
10:00 AM ET. 2nd Quarter Quarterly Services
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2640B)
Working Gas In Storage, Net Chg (Cbf) (previous +61B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 418.346M)
Crude Oil Stocks, Net Chg (Bbl) (previous -3.326M)
Gasoline Stocks (Bbl) (previous 214.475M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.172M)
Distillate Stocks (Bbl) (previous 111.706M)
Distillate Stocks, Net Chg (Bbl) (previous +0.112M)
Refinery Usage (previous 92.7%)
Total Prod Supplied (Bbl/day) (previous 20.073M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.734M)
3:00 PM ET. July Consumer Credit
Consumer Credit Net Chg (USD) (previous +40.1B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, September 9, 2022
8:30 PM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
10:00 PM ET. August Online Help Wanted Index
10:00 PM ET. July Monthly Wholesale Trade
Inventories, M/M% (previous +1.8%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The December NASDAQ 100 was higher overnight as it consolidates some of the decline off August's high. Overnight trading sets the stage for a steady to higher 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 December extends the decline off August's high, the 75% retracement level of the June-August rally crossing at 11,799.16 is the next downside target. Closes above the 20-day moving average crossing at 12,932.80 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 12,654.41. Second resistance is the 20-day moving average crossing at 12,932.80. First support is Thursday's low crossing at 11,996.50. Second support is the 75% retracement level of the June-August rally crossing at 11,799.16.
The December S&P 500 was steady to higher overnight as it consolidates some of the decline off August's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4133.00 would signal that a short-term low has been posted. If December extends the decline off August's high, the 75% retracement level of the June-August rally crossing at 3828.16 is the next downside target. First resistance is the 50-day moving average crossing at 4043.94. Second resistance is the 20-day moving average crossing at 4133.00. First support is the 62% retracement level of the June-August rally crossing at 3919.94. Second support is the 75% retracement level of the June-August rally crossing at 3828.16.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were steady to slightly higher overnight. 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 December extends the decline off August's high, June's low crossing at 130-27 is the next downside target. Closes above the 50-day moving average crossing at 138-29 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135-01. Second resistance is the 20-day moving average crossing at 136-31. First support is Wednesday's low crossing at 132-02. Second support is June's low crossing at 130-27.
December T-notes was steady to slightly higher overnight and 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, the 87% retracement level of the June-August rally crossing at 115.067 is the next downside target. Closes above the 20-day moving average crossing at 117.227 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 116.236. Second resistance is the 20-day moving average crossing at 117.277. First support is Wednesday's low crossing at 115.135. Second support is the 87% retracement level of the June-August rally crossing at 115.067.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:October crude oil was slightly higher overnight as it consolidates some of Wednesday's sharp decline. Overnight trading 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 this week's decline, the 50% retracement level of the 2020-2022 rally crossing at $75.35 is the next downside target. Closes above the 50-day moving average crossing at $92.34 would temper the near-term bearish outlook. First resistance is last-Tuesday's high crossing at $97.66. Second resistance is the July 29th high crossing at $99.75. First support is February 18th low crossing at $79.83. Second support is the 50% retracement level of the 2020-2022 rally crossing at $75.35.
October heating oil was steady to slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $3.4433 would open the door for additional weakness near-term. Closes above Tuesday's high crossing at $3.7771 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 last-Thursday's low crossing at $3.4433. Second support is the August 15th low crossing at $3.3491.
October unleaded gas was slightly higher overnight and 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 $2.7505 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.6111. Second resistance is the 50-day moving average crossing at $2.7505. First support is the overnight low crossing at $2.2890. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.2446.
October Henry natural gas was steady to slightly 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. Closes below the 50-day moving average crossing at 7.922 would open the door for additional weakness near-term. Closes above last-Friday's high crossing at 9.394 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 9.394. Second resistance is August's high crossing at 9.987. First support is the 50-day moving average crossing at 7.943. Second support is the August 8th low crossing at 7.536.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was steady to slightly lower overnight trading as it consolidates some of this year'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 and are turning neutral to bearish signaling that a sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $107.263 would signal that a short-term top has been posted. If September extends the rally off August's low, monthly resistance crossing at $114.782 is the next upside target.First resistance is Wednesday's high crossing at $110.785. Second resistance is monthly resistance crossing at $114.782. First support is the 20-day moving average crossing at $108.406. Second support is the 50-day moving average crossing at $107.263.
The September Euro was slightly higher overnight. The overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.01690 would signal that a short-term low has been posted. If September extends this year's decline, monthly support crossing at $0.93211 is the next downside target. First resistance is the 50-day moving average crossing at $1.01690. Second resistance is August's high crossing at $1.03965. First support is Tuesday's low crossing at $0.98710. Second support is monthly support crossing at $0.93211.
The September British Pound was higher overnight. Overnight trading sets the stage for a higher opening when the day session begins trading.Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.1795 would signal that a short-term low has been posted. If September extends this year's decline, psychological support crossing at 1.1400 is the next downside target. First resistance is the 20-day moving average crossing at 1.1795. Second resistance is the 50-day moving average crossing at 1.1952. First support is Wednesday's low crossing at 1.1407. Second support is psychological support crossing at 1.1400.
The September Swiss Franc 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.04330 would signal that a short-term low has been posted. If September extends the decline off August's high, June's low crossing at 1.00235 is the next downside target. First resistance is the 50-day moving average crossing at 1.04330. Second resistance is August's high crossing at 1.07010. First support is Wednesday's low crossing at 1.01405. Second support is June's low crossing at 1.00235.
The September Canadian Dollar was higher overnight. 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 77.22 would signal that a short-term low has been posted. If September resumes the decline off August's high, July's low crossing at 75.61 is the next downside target. First resistance is the 20-day moving average crossing at 76.90. Second resistance is the 50-day moving average crossing at $77.22. First support is last-Thursday's low crossing at $75.68. Second support is July's low crossing at $75.61.
The September Japanese Yen was higher overnight as it consolidates some of the decline off August's high. Overnight trading 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 year's decline, is long-term support crossing at 0.065720 is the next downside target. Closes above the 50-day moving average crossing at 0.073468 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.073468. Second resistance is the August 11th high crossing at 0.076115. First support is Wednesday's low crossing at 0.069025. Second support is long-term support crossing at 0.065720.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Decembergold was steady to higher overnight. Overnight trading 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. Closes above the 50-day moving average crossing at $1763.40 would signal that a short-term low has been posted. If December extends the decline off August's high, July's low crossing at $1696.10 is the next downside target. First resistance is the 50-day moving average crossing at $1763.40. Second resistance is the August 10th high crossing at $1824.60. First support is last-Thursday's low crossing at $1699.10. Second support is July's low crossing at $1696.10.
December silver was 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 19.363 would signal that a short-term low has been posted. If December resumes this year's decline, the 75% retracement level of the 2020 rally crossing at $16.778 is the next downside target. First resistance is the 50-day moving average crossing at 19.363. Second resistance is August's high crossing at $20.870. First support is last-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 higher overnight and 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. Closes above the 20-day moving average crossing at 3.5924 would signal that a short-term low has been posted. If December renews the decline off August's high, July's low crossing at 3.1355 is the next downside target. First resistance is the 20-day moving average crossing at 3.5924. Second resistance is the 38% retracement level of the March-July decline crossing at 3.8291. First support is Tuesday's low crossing at 3.3610. Second support is July's low crossing at 3.1355.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight as it consolidates some of the rally off July's low. Overnight weakness sets the stage for a lower opening when the day sessions begins trading. Stochastics and the RSI are overbought, diverging 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 75% retracement level of the May-July decline crossing at $7.15 is the next upside target. Closes below the 20-day moving average crossing at $6.49 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 20-day moving average crossing at $6.49 1/4. Second support is the 50-day moving average crossing at $6.21 1/2.
December wheat was higher overnight as it extends the July-September trading range. 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. Closes above the July 29th high crossing at $8.63 3/4 would mark an upside breakout of the July-September trading range. 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. 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 extends the July-September trading range. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 29th high crossing at $9.21 1/2 would mark an upside breakout of the July-September trading range. If December renews the decline off May's high, February's low crossing at $7.72 1/2 the next downside target. 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-September trading range. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. 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. 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. 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 were higher overnight as they extend the July-September 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 November extends the decline off the August 24th high, the August 16th low crossing at $13.76 is the next downside target. Closes above Wednesday's high crossing at $14.32 1/4 would temper the near-term bearish outlook. First resistance is Wednesday's high crossing at $14.32 1/4. Second resistance is the August 24th 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.
December soybean meal was higher overnight as it consolidates some of the decline off August's high. The high-range overnight trade 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. Closes below the 50-day moving average crossing at $406.00 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at $417.50 would confirm that a short-term low has been posted. First resistance is August's high crossing at $436.60. Second resistance is the February 22nd high crossing at $439.00. First support is the 50-day moving average crossing at $406.00. Second support is the August 16th low crossing at $395.60.
December soybean oil was lower overnight as it extends the decline off last-Friday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the August 4th low crossing at 60.20 is the next downside target. Closes above the 20-day moving average crossing at 65.68 would signal that a short-term low has been posted. 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 August 4th low crossing at 60.20. Second support is the July 22nd low crossing at 55.53.
Thanks tallpine!
EIA report at 9:30am should cause some volatility.