KEY EVENTS TO WATCH FOR:

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%)

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The Dow closed higher on Thursday as it consolidates some of the decline off August's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off August's high, the 75% retracement level of the June-August rally crossing at 30,813.63 is the next downside target. Closes above the 20-day moving average crossing at 32,705.45 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32,181.79. Second resistance is the 20-day moving average crossing at 32,705.45. First support is the 75% retracement level of the June-August rally crossing at 30,813.63. Second support is the 87% retracement level of the June-August rally crossing at 30,255.18.

The December NASDAQ 100 closed slightly lower on Thursday. Today's mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible. 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 12,931.45 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 12,654.00. Second resistance is the 20-day moving average crossing at 12,931.45. First support is is the 75% retracement level of the June-August rally crossing at 11,799.16. Second support is the 87% retracement level of the June-August rally crossing at 11,474.02.

The December S&P 500 closed slightly higher on Thursday as it consolidated some of the decline off August's high. 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 oversold but are posted to turn neutral to bullish with additional strength that would signal a low might be in or is near. If December renews the aforementioned decline, the 75% retracement level of the June-August rally crossing at 3828.16 is the next downside target. Closes above the 20-day moving average crossing at 4133.01 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4043.95. Second resistance is the 20-day moving average crossing at 4133.01. First support is Wednesday's low crossing at 3900.00. Second support is the 75% retracement level of the June-August rally crossing at 3828.16.     

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December T-bonds closed down 11-pts. at 133-10. 

December T-bonds closed 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 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 131-01 is the next downside target. Closes above the 20-day moving average crossing at 136-30 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135-00. Second resistance is the 20-day moving average crossing at 136-30. First support is Wednesday's low crossing at 132-02. Second support is June's low crossing at 131-01.

December T-notes closed down 55-pts. at 116.000.

December T-notes closed 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 oversold but remain neutral to bearish signaling 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 117.222  would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 117.222. Second resistance is the 50-day moving average crossing at 118.197. First support is Wednesday's low crossing at 115.135. Second support is the June 14^th low crossing at 114.075.  

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October crude oil closed higher on Thursday as it consolidated some of Wednesday's decline that marked a downside breakout of the July-September trading range. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, the 50% retracement level of the 2021-2022 rally crossing at $75.35 is the next downside target. Closes above the 50-day moving average crossing at $92.36 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 89.83. Second resistance is the 50-day moving average crossing at $92.36. First support is today's lowcrossing at $81.20. Second support is the February 18^th lowcrossing at $79.83.  

October heating oil closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the August 15^th low crossing at 3.3491 is the next downside target. Closes above Tuesday's high crossing at 3.7771 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 3.7771. Second resistance is August's high crossing at 4.0392. First support is the August 15^th low crossing at 3.3491. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.1221. 

October unleaded gas closed slightly higher on Thursday as it consolidated some of the decline off June's high. 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 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 2021-2022 rally crossing at 2.2446 is the next downside target. Closes above the 50-day moving average crossing at $2.7508 would  confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.6119. Second resistance is the 50-day moving average crossing at $2.7508. First support is today's low crossing at 2.2890. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.2446.

October Henry natural gas closed higher on Thursday as it consolidates some of the decline off August's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the 62% retracement level of the June-August rally crossing at 7.133 is the next downside target. 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 August's low crossing at 7.536. Second support is the 62% retracement level of the July-August rally crossing at 7.133.      

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

The September Dollar closed slightly lower on Thursday due to profit taking as it consolidates some of its recent gains. The low-range close sets the stage for a steady to lower opening when Friday's nights session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $107.267 would confirm 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 $108.414. Second support is the 50-day moving average crossing at $107.267.   

The September Euro closed slightly higher on Thursday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.01686 is needed to confirm that a low has been posted. If September extends this year's decline, the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211 is the next downside target. First resistance is the 50-day moving average crossing at $1.01686. Second resistance is August's high crossing at 1.03965. First support is Tuesday's low crossing at $0.98710. Second support is the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211. 

The September British Pound 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 oversold but remains neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this year's decline, psychological support crossing at 1.1400 is the next downside target. Closes above the 20-day moving average crossing at 1.1793 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.1793. 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 closed higher for the second day in a row on Thursday as it consolidates some of the decline off August's high. 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 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 1.04014 would signal that a short-term low has been posted. If September renews 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 1.04014. Second resistance is August's high crossing at 1.07010. First support is Wednesday's low crossing at 1.02300. Second support is June's low crossing at 1.00235.  

The September Canadian Dollar 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. Closes above the 20-day moving average crossing at 76.91 would signal that a short-term low has been posted. If September renews 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 76.91. Second resistance is the August 25^th high crossing at 77.53. 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 posted an inside day with a higher close on Thursday as it consolidates some of the decline off August's high. 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 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 0.073463 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.073463. Second resistance is the August 11^th 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.  

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December gold closed 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. Closes above the 50-day moving average crossing at $1763.10 would signal that a short-term low has been posted. If December extends the decline off August's high, monthly support crossing at $1610.30 is the next downside target. First resistance is the 50-day moving average crossing at $1763.10. Second resistance August's high crossing at $1824.60. First support is last-Thursday low crossing at $1699.10. Second support is July's low crossing at $1696.10.

December silver closed higher on Thursday as it consolidated some of the decline off August's high. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 19.360 would signal that a short-term low has been posted. If December renews this year's decline, the 75% retracement level of the 2020-2021 rally crossing at 16.315 is the next downside target. First resistance is the 50-day moving average crossing at 19.360. Second resistance is August's high crossing at 20.870. First support is last-Thursday's low crossing at 17.320. Second support is the 75% retracement level of the 2020-2021 rally crossing at 16.315. 

December copper 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. Closes above the 20-day moving average crossing at 3.5940 would signal that a short-term low 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. If September extends the decline off August's high, July's low crossing at 3.1315 is the next downside target. First resistance is the 38% retracement level of the March-July decline crossing at 3.8395. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0590. First support is Tuesday's low crossing at 3.3610. Second support is July's low crossing at 3.1315.

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December Corn closed down $0.02 1/2-cents at $6.68 1/2. 

December corn closed lower on Thursday due to profit taking. The high-range close sets the stage for a steady to slightly lower opening when Friday's night session 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 confirm that a short-term top has been posted. 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 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 closed down $0.15 1/4-cents at $8.29.  

December wheat posted an inside day with a lower close on Thursday as it extends the July-September trading-range. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the July 29^th high crossing at $8.63 3/4 would signal that a short-term low has been posted. If December 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 $8.63 3/4. Second resistance is the July 11^th high crossing at $9.54. First support is August's low crossing at $7.43 1/4. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

December Kansas City Wheat closed down $0.08 1/2-cents at $8.93.

December Kansas City wheat closed lower on Thursday as it extended the July-September trading range. The mid-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. Closes above the July 29^th high crossing at $9.21 1/2 would signal that a short-term low has been posted. If December 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 $9.21 1/2. Second resistance is the July 11^th high crossing at $10.10. First support is August's low crossing at $8.08 1/2. Second support is February's low crossing at $7.64 1/2.

December Minneapolis wheat closed up $0.01 3/4-cents at $8.98 1/4.

December Minneapolis wheat closed lower on Thursday as it extends the July-September trading range. The mid-range close sets the stage for a steady to slightly 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. Closes above the July 20^th high crossing at $9.67 would signal that a short-term low has been posted. If December resumes the decline off 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 20^th high crossing at $9.67. Second resistance is the July 11^th high crossing at $10.56 1/4. First support is August's low crossing at $8.61 3/4. Second support is the 75% retracement level of the January-May rally crossing at $8.29 1/2.

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November soybeans closed up $0.02 1/2-cents at $13.86.

November soybeans closed higher on Thursday as it consolidated some of the decline off August's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the August 3^rd low crossing at $13.56 is the next downside target. Closes above Thursday's high would signal that a short-term low may have been posted. First resistance is Thursday's high crossing at $14.32 1/4. Second resistance is the July 29^th high crossing at $14.89. First support is the August 16^th low crossing at $13.76. Second support is the August 3^rd low crossing at $13.56.  

December soybean meal closed down $5.60 at $405.90. 

December soybean meal closed 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $405.90 would open the door for a larger-degree decline near-term. Closes above Wednesday's high crossing at $424.00 would signal that a short-term low has been posted. First resistance is August's high crossing at $436.60. Second resistance is February's high crossing at $439.00. First support the 50-day moving average crossing at $405.90. Second support is the August 16^th low crossing at $395.60.   

December soybean oil closed up 113-pts. at 63.23. 

December soybean oil closed higher on Thursday as it consolidated some of this month's decline. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, August's low crossing at 60.20 is the next downside target. If December resumes 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 12^th 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 4^th low crossing at 60.20. Second support is the July 22^nd low crossing at 55.53. 

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October hogs closed up $0.90 at $91.98. 

October hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's 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 $94.36 would signal that a short-term low has been posted. If October extends the aforementioned decline, the 87% retracement level of the July-August rally crossing at $88.73 is the next downside target. First resistance is the 50-day moving average crossing at $94.36. Second resistance is the August 23^rd high crossing at $96.98. First support is today's low crossing at $89.12. Second support is the 87% retracement level of the July-August rally crossing at $88.73. 

October cattle closed up $0.15 at $144.40. 

October cattle closed higher on Thursday. 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 October extends the aforementioned rally, August's high crossing at $146.25 is the next upside target. Closes below the 50-day moving average crossing at $142.59 would renew the decline off August's high. First resistance is Wednesday's high crossing at $145.50. Second resistance is August's high crossing at $146.25. First support is the 50-day moving average crossing at $142.59. Second support is the July 29^th low crossing at $141.43. 

October Feeder cattle closed up $0.58 at $184.52. 

October Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Tuesday's close above the 20-day moving average crossing at $185.46 would signal that a short-term low has been posted. If October renews the decline off August's high, the July low crossing at $176.25 is the next downside target. First resistance is Tuesday's high crossing at $187.00. Second resistance is August's high crossing at $190.20. First support is July's low crossing at $176.25. Second support is the June 13^th low crossing at $173.60.     

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

December coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50-day moving average crossing at 21.75 is the next downside target. Closes above the 10-day moving average crossing at $23.22 would signal that a short-term low has been posted. First resistance is August's high crossing at $24.30. Second resistance is February's high crossing at $25.34. First support is the 50-day moving average crossing at $21.75. Second support is the August 19^th low crossing at $20.95.                     

December cocoa closed lower on Thursday as it extends the July-September trading range. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends this week's decline, August 23^rd low crossing at 23.14 is the next downside target. If December resumes the rally off August's low, the June 21^st high crossing at 25.07 is the next upside target.       

October sugar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 19^th low crossing at 17.61 would open the door for a possible test of August's low crossing at 17.20. If October extends last-Friday's rally, August's high crossing at 18.70 is the next upside target.    

December cotton closed higher on Thursday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Friday. 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 50-day moving average crossing at 100.69 is the next downside target. Closes above the 20-day moving average crossing at 111.06 would signal that a low has been posted.