KEY EVENTS TO WATCH FOR:

Monday, August 7, 2023  

10:00 AM ET. July Employment Trends Index

                       ETI (previous 114.31)

                       ETI, Y/Y%

3:00 PM ET. June Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +7.3B)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes  

The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it consolidates some of last-week's decline. Overnight trading sets the stage 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 September extends the aforementioned decline, the 50-day moving average crossing at 15,230.32 is the next downside target. If September renews this year's rally, the December-2021 high on the weekly continuation chart crossing at 16,659.50 is the next upside target. First resistance is the July 19^th high crossing at 16,062.75. Second resistance is the December-2021 high on the weekly continuation chart crossing at 16,659.50. First support is the 50-day moving average crossing at 15,230.32. Second support is July's low crossing at 15,063.25.

The September S&P 500 was was slightly higher overnight as it consolidates some of last-week's decline. 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 September extends the decline off July's high, the 50-day moving average crossing at 4452.10 is the next downside target. If June renews the rally off March's low, the March-2022 high crossing at 4714.75 is the next upside target. First resistance is July's high crossing at 4634.50. Second resistance is the March-2022 high crossing at 4714.75. First support is the 50-day moving average crossing at 4452.10. Second support is July's low crossing at 4411.25.

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

INTEREST RATES: September T-bonds were lower overnight as they consolidate some of last-Friday's rally. 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 July's high, the October-2022 low on the weekly continuation chart crossing at 117-19 is the next downside target.Closes above the 20-day moving average crossing at 124-26 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 124-26. Second resistance is the 50-day moving average crossing at 126-03. First support is last-Friday's low crossing at 119-25. Second support is the October-2022 low on the weekly continuation chart crossing at 117-19 is the next downside target. 

September T-notes were lower overnight and sets the stage for a lower 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 111.246 would signal that a short-term low has been posted. If September extends the decline off July's high, the October-2022 low crossing at 108.265 is the next downside target. First resistance is the 20-day moving average crossing at 111.246. Second resistance is the 50-day moving average crossing at 112.156. First support is last-Friday's low crossing at 109.240. Second support is the October-2022 low on the weekly continuation chart crossing at 108.265. 

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

ENERGIES:Septembercrude oil was slightly lower in late-overnight trading and sets the stage for a slightly lower opening when the day 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 September extends the rally off the June 28^th low, the 62% retracement level of the 2022-2023 decline crossing at $84.20 is the next upside target. Closes below the 20-day moving average crossing at $78.34 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $83.30. Second resistance is the 62% retracement level of the 2022-2023 decline crossing at $84.20. First support is the 20-day moving average crossing at 78.34. Second support is the 50-day moving average crossing at $73.74.      

September heating oil was slightly lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a slightly 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. If September extends the rally off May's low, the 87% retracement level of the 2022-2023 decline crossing at 3.1313 is the next upside target. Closes below the 20-day moving average crossing at 2.7985 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 3.0954. Second resistance is the 87% retracement level of the 2022-2023 decline crossing at 3.1313. First support is the 10-day moving average crossing at 2.9664. Second support is the 20-day moving average crossing at 2.7986.    

September unleaded gas was steady to slightly higher overnight as it consolidates some of last-week's decline. Overnight trading sets the stage for a slightly higher 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 the 20-day moving average crossing at 2.7396 would signal that a short-term top has been posted. If September renews the rally off the June 23^rd low, the October-2022 high on the weekly continuation chart crossing at 3.0221 is the next upside target. First resistance is July's high crossing at $2.9257. Second resistance is the October-2022 high on the weekly continuation chart crossing at $3.0221. First support is the 20-day moving average crossing at $2.7396. Second support is the 50-day moving average crossing at $2.5428.        

September natural gas was slightly higher overnight and sets the stage for a slightly 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 20-day moving average crossing at 2.614 would temper the near-term bearish outlook. If September renews the decline off the July 25^th high, June's low crossing at 2.249 is the next downside target. From a broad perspective, September natural gas remains locked in a long-term trading range that began in April. Closes below June's low crossing at 2.249 or above June's high crossing at 20911 are needed to mark a breakout of this extended trading range and point the direction of the next trending move. First resistance is the June 26^th high crossing at 2.911. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 3.193. First support is last-Wednesday's low crossing at 2.457. Second support is the June 1^st low crossing at 2.249.

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

CURRENCIES:The September Dollar was higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. 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, July's high crossing at $103.275 is the next upside target. Closes below the 20-day moving average crossing at $100.969 would signal that a short-term top has been posted. First resistance is July's high crossing at $103.275. Second resistance is May's high crossing at $104.205. First support is the 10-day moving average crossing at $101.711. Second support is the 20-day moving average crossing at $100.969.  

The September Euro was lower overnight and sets the stage for a slightly 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 July's high, July's low crossing at 1.08715 is the next downside target. Closes above the 20-day moving average crossing at $1.11087 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1.10241. Second resistance is the 20-day moving average crossing at $1.11087. First support is July's low crossing at 1.08715. Second support is May's low crossing at 1.07025. 

The September British Pound was steady to slightly lower overnight. Overnight trading sets the stage for a slightly lower 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 near-term. Closes above the 20-day moving average crossing at 1.2892 would confirm that a short-term top has been posted. If September extends the decline off July's high, the 50% retracement level of the March-July rally  crossing at 1.2508 is the next downside target. First resistance the 10-day moving average crossing at 1.2805. Second resistance is the 20-day moving average crossing at 1.2892. First support is the 38% retracement level of the March-July rally crossing at 1.2658. Second support is the 50% retracement level of the March-July rally crossing at 1.2508.        

The September Swiss Franc 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 July's high, the 50-day moving average crossing at 1.13696 is the next downside target. Closes above the 20-day moving average crossing at 1.15903 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.15903. Second resistance is the July 18^th high crossing at 1.17650. First support is the 50-day moving average crossing at 1.13696. Second support is the June 30^th low crossing at 1.11790.  

The September Canadian Dollar was slightly lower overnight as it extended the decline off July's high. Overnight trading sets the stage for a slightly 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 July's high, the 50% retracement level of the March-July rally crossing at $74.48 is the next downside target. Closes above the 20-day moving average crossing at $75.64 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $75.35. Second resistance is the 20-day moving average crossing at $75.64. First support is the 50% retracement level of the March-July rally crossing at $74.48. Second support is the 62% retracement level of the March-July rally crossing at crossing at $74.01.

The September Japanese Yen was slightly lower overnight. Overnight trading sets the stage for a slightly lower 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 0.071710 would signal that a short-term low has been posted. If September renews the decline off the July 14^th high, June's low crossing at 0.069755 is the next downside target. First resistance is the July 28^th high crossing at 0.07315. Second resistance is the July 14^th high crossing at 0.073585. First support is last-Thursday's low crossing at 0.069970. Second support is June's low crossing at 0.069755. 

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

Precious Metals: October gold was lower overnight. Overnight trading sets the stage for a 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. If October extends the decline off July's high, the July 6^th low crossing at $1927.60 is the next downside target. Closes above last-Monday's high crossing at $1991.00 would temper the near-term bearish outlook. First resistance is the July 20^th high crossing at $2008.50. Second resistance is the 50% retracement level of the May-June decline crossing at $2015.80. First support is the July 6^th low crossing at $1927.60. Second support is June's low crossing at $1919.60.  

September silver was lower overnight and sets the stage for a 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. If September extends the decline off July's high, July's low crossing at $22.720 is the next downside target. Closes above the 20-day moving average crossing at $24.525 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $23.945. Second resistance is the 20-day moving average crossing at $24.525. First support is July's low crossing at $22.720. Second support is June's low crossing at $22.340.    

September copper was lower overnight and 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 50-day moving average crossing at 3.8197 would signal that a short-term top has been posted. If September renews the rally off the June 29^th low, April's high crossing at 4.1825 is the next upside target. First resistance last-Tuesday's high crossing at 4.0240. Second resistance is April's high crossing at 4.1825. First support is the 50-day moving average crossing at 3.8197. Second support is July's low crossing at 3.7225.  

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

Grains: December corn was steady to slightly lower overnight as it consolidates some of the decline off July's high. Overnight trading sets the stage for a slightly lower opening when the day sessions 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 last-week's high, July's low crossing at $4.81 is the next downside target.Closes above the 50-day moving average crossing at $5.34 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.21 3/4. Second resistance is the 50-day moving average crossing at $5.34 1/2. First support is last-Friday's low crossing at $4.93. Second support is July's low crossing at $4.81. 

September wheat was higher overnight as it consolidated some of the decline off July's high. 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 September extends the aforementioned decline, the July 18^th low crossing at $6.42 1/4 is the next downside target. Closes above the 20-day moving average crossing at $6.79 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $6.69. Second resistance is the 20-day moving average crossing at $6.79 1/4. First support is July's low crossing at $6.22. Second support is May's low crossing at $5.87 3/4.

September Kansas City wheat was higher overnight as it consolidates some of the decline off July's high. Overnight trading sets the stage for a 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 September extends the decline off July's high, the May 31^st low crossing at $7.61 3/4 is the next downside target. Closes above the 20-day moving average crossing at $8.30 1/4 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $8.22. Second resistance is the 20-day moving average crossing at $8.30 1/4. First support is last-Friday's low crossing at $7.52. Second support is May's low crossing at $7.33.   

September Minneapolis wheat was slightly higher overnight and sets the stage for a slightly 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 July's high, July's low crossing at $8.07 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.75 1/4 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $8.47 3/4. Second resistance is the 10-day moving average crossing at $8.66 3/4. First support is July's low crossing at $8.07 1/4. Second support is the June 14^th low crossing at $8.01 1/4.   

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

November soybeans was lower overnight as it extends the decline off July's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off July's high, the 50% retracement level of the May-July rally crossing at $12.89 3/4 is the next downside target. Closes above the 20-day moving average crossing at $13.71 would signal that a low has been posted. First resistance is last-Monday's gap crossing at $13.79. Second resistance is July's high crossing at $14.35. First support is the 50-day moving average crossing at $13.05 1/4. Second support is the 50% retracement level of the May-July rally crossing at $12.89 3/4.

December soybean meal was lower overnight as it extends last-week's trading range. 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 December extends the decline off July's high, the July 7^th low crossing at $384.70 is the next downside target. Closes above last-Monday's gap crossing at $392.40 would temper the bearish outlook. First resistance is last-Monday's gap crossing at $392.40. Second resistance is July's high crossing at $424.70. First support is last-Wednesday's low crossing at $389.70. Second support is the July 7^th low crossing at $384.70. 

December soybean oil was lower in overnight trading as it extends last-week's trading range. Overnight trading 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. If December extends the decline off July's high, the 50-day moving average crossing at 56.78 is the next downside target. Closes above the 10-day moving average crossing at 61.57 would temper the bearish outlook. First resistance is the 75% retracement level of the 2022-2023 decline crossing at 65.45. Second resistance is the 87% retracement level of the 2022-2023 decline crossing at 68.81. First support is the July 7^th low crossing at 58.20. Second support is the 50-day moving average crossing at 56.78.