KEY EVENTS TO WATCH FOR:

Friday, July 21, 2023  

10:00 AM ET. June State Employment and Unemployment

Monday, July 24, 2023 

8:30 AM ET. June Chicago Fed National Activity Index (CFNAI)

                       NAI (previous -0.15)

                       NAI, 3-mo Moving Avg (previous -0.14)

9:45 AM ET. July US Flash Manufacturing PMI

                       PMI, Mfg (previous 46.3)

9:45 AM ET. July US Flash Services PMI

                       PMI, Services (previous 54.1)

Tuesday, July 25, 2023 

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous -0.3%)

                       Latest Wk, Y/Y% (previous -0.2%)

9:00 AM ET. May U.S. Monthly House Price Index

9:00 AM ET. May S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous +1.7%)

                       10-City Idx, Y/Y% (previous -1.2%)

                       20-City Idx, M/M% (previous +1.7%)

                       20-City Idx, Y/Y% (previous -1.7%)

                       National Idx, M/M% (previous +1.3%)

                       National Idx, Y/Y% (previous -0.2%)

10:00 AM ET. July Consumer Confidence Index

                       Cons Conf Idx (previous 109.7)

                       Expectation Idx (previous 79.3)

                       Present Situation Idx (previous 155.3)

10:00 AM ET. July Richmond Fed Business Activity Survey

                       Mfg Idx (previous -7)

                       Shipments Idx (previous -5)

1:00 PM ET. June Money Stock Measures

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -0.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -2.8M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.1M)

  N/A              U.S. Federal Open Market Committee meeting

Wednesday, July 26, 2023  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 210.7)

                       Composite Idx, W/W% (previous +1.1%)

                       Purchase Idx-SA (previous 163.2)

                       Purchase Idx-SA, W/W% (previous -1.3%)

                       Refinance Idx (previous 446.4)

                       Refinance Idx, W/W% (previous +7.3%)

10:00 AM ET. June New Residential Sales

                       New Home Sales (previous 763K)

                       New Home Sales, M/M% (previous +12.2%)

                       New Home Sales Months Supply (previous 6.7)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 457.42M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.708M)

                       Gasoline Stocks (Bbl) (previous 218.386M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.066M)

                       Distillate Stocks (Bbl) (previous 118.194M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.013M)

                       Refinery Usage (previous 94.3%)

                       Total Prod Supplied (Bbl/day) (previous 20.767M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +2.066M)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 5.25)

                       Fed Funds Rate-Range Low (previous 5.00)

                       FOMC Vote For Action (previous 11)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 5.25)

                       Discount Rate Change (Pts) (previous +0.00)

                       Discount Rate-Range High

                       Discount Rate-Range Low

Thursday, July 27, 2023 

8:30 AM ET. U.S. Weekly Export Sales

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims

                       Jobless Claims, Net Chg

                       Continuing Claims

                       Continuing Claims, Net Chg

8:30 AM ET. June Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous +1.7%)

                       Dur Goods, Ex-Defense, M/M% (previous +3%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.6%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.7%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.2%)

8:30 AM ET. 2^nd Quarter Advance estimate GDP

                       Annual Rate, Q/Q% (previous +2.0%)

                       Chain-Weighted Price Idx, Q/Q% (previous +4.1%)

                       PCE Price Idx, Q/Q% (previous +4.1%)

                       Purchase Price Idx, Q/Q%

                       Real Final Sales 1st Est, Q/Q%

                       Core PCE Price Idx, Q/Q%

                       Personal Consumption, Q/Q% (previous +4.2%)

8:30 AM ET. June Advance Economic Indicators Report

10:00 AM ET. June Pending Home Sales Index

                       Pending Home Sales (previous 76.5)

                       Pending Home Sales Idx, M/M% (previous -2.7%)

                       Pending Home Sales Idx , Y/Y% (previous -22.2%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf)

                       Working Gas In Storage, Net Chg (Cbf)

11:00 AM ET. July Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous -10)

                       6-Mo Exp Prod Idx (previous 15)

                       Mfg Composite Idx (previous -12)

                       6-Mo Exp Composite Idx (previous -2)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

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

The Dow closed higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Friday's 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 the Dow extends the rally off last-Monday's low, the April-2022 high crossing at 35,492.22 is the next upside target. Closes below the 20-day moving average crossing at 34,205.05 would signal that a short-term top has been posted. First resistance is the April - 2022 high crossing at 35,492.22. Second resistance is the February-2022 high crossing at 35,824.28. First support is the 10-day moving average crossing at 34,505.14. Second support is the 20-day moving average crossing at 34,269.04.  

The September NASDAQ 100 closed sharply lower on Thursday as it consolidates some of this year's rally. Today's sell off was triggered by Tesla and Netflix earnings report, which cast a shadow over the present earnings season even as a new batch of earnings data were coming in.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 overbought and are turning neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 15,382.15 would confirm that a short-term top has been posted. If September extends 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 Wednesday's 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 10-day moving average crossing at 15,587.60. Second support is the 20-day moving average crossing at 15,382.15.  

The September S&P 500 closed lower on Thursday as it consolidated some of this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, the 87% retracement level of the 2022 decline on the weekly chart crossing at 4639.07 is the next upside target. Closes below the 20-day moving average crossing at 4480.66 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 4609.25. Second resistance is the 87% retracement level of the 2022 decline on the weekly chart crossing at 4639.07. First support is the 10-day moving average crossing at 4524.75. Second support is the 20-day moving average crossing at 4480.66.      

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September T-bonds closed down 1-14/32's at 126-08. 

September T-bonds closed sharply lower on Thursday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50% retracement level of the April-July decline crossing at 128-21 is the next upside target. Closes below the 10-day moving average crossing at 125-27 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the April-July decline crossing at 128-21. Second resistance is the June high crossing at 129-16. First support is the 10-day moving average crossing at 125-27. Second support is July's low crossing at 122-30. 

September T-notes closed down 260-pts. at 112.060.

September T-notes closed sharply lower on Thursday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are overbought but are poised to turn neutral to bearish with additional weakness on Friday that would signal sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 112.050 would signal that a short-term top has been posted. If September extends the rally off the July 6^th low, the 50-day moving average crossing at 113.153 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 113.153. Second resistance is June's high crossing at 115.000. First support is the 10-day moving average crossing at 112.050. Second support is July's low crossing at 110.050. 

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

August crude oil closed slightly higher on Thursday as it extends the trading range of the past six-days. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins. Stochastics and the RSI are turning neutral signaling that sideways trading possible near-term. Closes below the 20-day moving average crossing at $72.49 would signal that a short-term top has been posted. If August renews the rally off June's low, the 75% retracement level of the April-May decline crossing at $77.85 is the next upside target. First resistance is last-Thursday's high crossing at $77.33. Second resistance is the the 75% retracement level of the April-May decline crossing at $77.85. First support is the 20-day moving average crossing at $72.49. Second support is the June 12^thlow crossing at $66.96.  

September heating oil closed higher on Thursday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's day trading session begins. 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 50% retracement level of the 2022-2023 decline crossing at 2.7273 is the next upside target. Closes below the 20-day moving average crossing at 2.4995 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 2.6681. Second resistance is the 50% retracement level of the 2022-2023 decline crossing at 2.7273. First support is the 20-day moving average crossing at 2.4995. Second support the 50-day moving average crossing at 2.4228.    

September unleaded gas closed higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's 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 the June 23^rd low, the June-2022 high crossing at 2.8215 is the next upside target. Closes below the 20-day moving average crossing at 2.5000 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.7073. Second resistance is the June-2022 high crossing at 2.8215. First support is the 10-day moving average crossing at 2.5919. Second support is the 20-day moving average crossing at 2.5000.

September Henry natural gas closed higher on Thursday and above the 20-day moving average crossing at 2.659 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to lower opening when Friday's 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 extends this week's rally, June's high crossing at 2.911 is the next upside target. First resistance is the June high crossing at 2.911. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 3.193. First support is Monday's low crossing at 2.477. Second support is the June 1^st low crossing at 2.249. 

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

The September Dollar closed higher for the third day in a row on Thursday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's 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 101.516 would confirm that a short-term low has been posted. If September renews the decline off July's high, weekly support on the weekly continuation chart crossing at 97.730 is the next downside target. First resistance is today's high crossing at 100.685. Second resistance is the 20-day moving average crossing at 101.516. First support is Tuesday's low crossing at 99.220. Second support is weekly support on the continuation chart crossing at 97.730.   

The September Euro closed sharply lower on Thursday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1.10617 would confirm that a short-term top has been posted. If September resumes the rally off July's low, the March 30^th high crossing at 1.15190 is the next upside target. First resistance is Tuesday's high crossing at $1.13105. Second resistance is the March 30^th high crossing at 1.15190. First support is the 10-day moving average crossing at 1.11724. Second support is the 20-day moving average crossing at $1.10617. 

The September British Pound closed lower for the fifth day in a row on Thursday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2842 would signal that a short-term top has been posted. If September renews the rally off May's low, the 75% retracement level of the 2022-2023 decline crossing at 1.3253 is the next upside target. First resistance is last-Friday's high crossing at 1.3146. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at 1.3253. First support is the 20-day moving average crossing at 1.2842. Second support is the 50-day moving average crossing at 1.2662.    

The September Swiss Franc closed sharply lower on Thursday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Friday's 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 January 2019 high crossing at 1.18680 is the next upside target. Closes below the 20-day moving average crossing at 1.14226 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.17535. Second resistance is the January 2019 high crossing at 1.18680. First support is the 10-day moving average crossing at 1.15960. Second support is the 20-day moving average crossing at 1.14226. 

The September Canadian Dollar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off the January 7^th low, the September 12^th 2022 high crossing at 77.11 is the next upside target. Closes below the 20-day moving average crossing at 75.76 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2021-2022 decline crossing at 76.28. Second resistance is the September 12^th high crossing at 77.11. First support is the 20-day moving average crossing at 75.76. Second support is the 50-day moving average crossing at 75.09.    

The September Japanese Yen closed lower on Thursday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Friday’s 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 0.071296 would signal that a short-term top has been posted. If September resumes the rally off June's low, the 38% retracement level of the January-June decline crossing at 0.074017 is the next upside target. First resistance is last-Friday's high crossing at 0.073585. Second resistance is the 38% retracement level of the January-June decline crossing at 0.074017 is the next upside target. First support is the 20-day moving average crossing at 0.071296. Second support is June's low crossing at 0.069755.   

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

August gold closed lower on Thursday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when Friday's 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 August extends the rally off June's low, June's high crossing at $2000.70 is the next upside target. Closes below the 20-day moving average crossing at $1941.70 would signal that a short-term top has been posted. First resistance is June's high crossing at $2000.70. Second resistance is May's high crossing at $2102.20. First support is the 20-day moving average crossing at $1941.70. Second support is June's low crossing at $1911.40. Third support is the 50% retracement level of the 2022-2023 rally crossing at $1892.30.  

September silver closed sharply lower on Thursday as it consolidated some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Friday's 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 July extends the rally off June's low, the 75% retracement level of the April-June decline crossing at 25.561 is the next upside target. Closes below the 50-day moving average crossing at 23.966 would signal that a short-term top has been posted. First resistance is today's high crossing at 25.475. Second resistance is the 75% retracement level of the April-June decline crossing at 25.561. First support is the 10-day moving average crossing at 24.498. Second support is the 50-day moving average crossing at 23.966.  

September copper closed slightly higher on Thursday as it consolidated some of the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 3.7827 would signal that a short-term top has been posted. If September renews this month's rally, June's high crossing at 3.9640 is the next upside target. First resistance is June's high crossing at 3.9640. Second resistance is May's high crossing at 4.0100. First support is the 50-day moving average crossing at 3.7827. Second support is June's low crossing at 3.6600.  

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

December Corn closed down $0.06 3/4-cents at $5.46 1/4. 

December corn posted an inside day with a lower close on Thursday as it consolidated some of the rally off July's low.  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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the 62% retracement level of the June-July decline crossing at $5.73 is the next upside target. Closes below the 10-day moving average crossing at $5.13 1/4 would temper the near-term friendly outlook. First resistance is the 50% retracement level of the June-July decline crossing at $5.55 1/2. Second resistance is the 62% retracement level of the June-July decline crossing at $5.73. First support is the 20-day moving average crossing at $5.27. Second support is the 10-day moving average crossing at $5.13 1/4.  

September wheat closed down $0.00 3/4-cents at $7.27.  

September wheat closed fractionally higher on Thursday as it consolidated some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, June's high crossing at $7.70 1/4 is the next upside target. Closes below the 50-day moving average crossing at $6.58 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $7.50 3/4. Second resistance is June's high crossing at $7.70 1/4. First support is the 20-day moving average crossing at $6.78 1/4. Second support is the 50-day moving average crossing at $6.58 1/4.   

September Kansas City Wheat closed up $0.08-cents at $8.74 3/4.

September Kansas City wheat closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Wednesday's low, the May 17^th high crossing at $9.02 is the next upside target. Closes below the 50-day moving average crossing at $8.25 1/4 is the next downside target. First resistance is today's high crossing at $8.91. Second resistance is the May 17^th high crossing at $9.02. First support is the 50-day moving average crossing at $8.25 1/4. Second support is the July 12^th low crossing at $7.92. Third support is the July 3^rd low crossing at $7.87 1/4. 

September Minneapolis wheat closed up $0.04 3/4-cents crossing at $9.02.

September Minneapolis wheat closed higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50% retracement level of the 2022-2023 decline crossing at $9.60 3/4 is the next upside target. Closes below the 20-day moving average crossing at $8.58 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $9.19 3/4. Second resistance is the 50% retracement level of the 2022-2023 decline crossing at $9.60 3/4. First support is the 20-day moving average crossing at $8.58 3/4. Second support is the 50-day moving average crossing at $8.39 1/2.     

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

November soybeans closed down $0.04-cents at $14.04 3/4.

November soybeans closed lower on Thursday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Friday's 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 November extends the rally off May's low, the April-2022 high crossing at $14.48 1/4 is the next upside target. Closes below the 20-day moving average crossing at $13.43 1/4 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the 2022-2023 decline crossing at $14.07 1/2. Second resistance is the April-2022 high crossing at $14.48 1/4. First support is the 20-day moving average crossing at $13.43 1/4. Second support is the 50-day moving average crossing at $12.67 3/4.  

December soybean meal closed down $4.30 at $410.60. 

December soybean meal closed lower on Thursday as it consolidated some of the rally off the late-June low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $397.60 would signal that a short-term top has been posted. If December extends this month's rally, the 87% retracement level of the March-May decline crossing at $428.00 is the next upside target. First resistance is the 75% retracement level of the March-May decline crossing at $418.80. Second resistance is the 87% retracement level of the March-May decline crossing at $428.00. First support is the 20-day moving average crossing at $397.60. Second support is the July 7^th low crossing at $384.70.   

December soybean oil closed up 98-pts. at 62.42. 

December soybean oil closed higher on Thursday as it extends the trading range of the past two-weeks.The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off May's low, January's high crossing at 63.57 is the next upside target. Closes below the 20-day moving average crossing at 58.84 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2022-2023 decline crossing at 61.75. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at 65.45. First support is the 20-day moving average crossing at 58.84. Second support is the June 29^th low crossing at 54.67. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

August hogs closed up $2.70 at $100.63. 

August hogs gapped up and closed higher on Thursday as it renewed the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, the 87% retracement level of the 2022-2023 decline crossing at $104.40 is the next upside target. Closes below the 20-day moving average crossing at $94.51 would signal that a short-term top has been posted. First resistance is today's high crossing at $101.85. Second resistance is the 87% retracement level of the 2022-2023 decline crossing at $104.40. First support is the 20-day moving average crossing at $94.51. Second support is the 50-day moving average crossing at $88.50.    

August cattle closed down $1.00 at $180.33. 

August cattle posted a key reversal down as it closed lower on Thursday as it consolidates some of this year's rally. Additional weakness on Friday would increase the odds that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $176.35 would signal that a short-term top has been posted. First resistance is today's high crossing at $183.98. Second resistance is unknown. First support is the 20-day moving average crossing at $176.35. Second support is the 50-day moving average crossing at $171.12. 

August Feeder cattle closed down $1.70 at $245.10. 

August Feeder cattle posted a key reversal down and closed lower on Thursday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday's day session 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 $243.41 would signal that a short-term top has been posted. If August renews the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at $251.30. Second resistance is unknown. First support is the 20-day moving average crossing at $243.41. Second support is the 50-day moving average crossing at $238.33.  

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

September coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off June's high, the 87% retracement level of the January-April rally crossing at $15.20 is the next downside target. Closes above Monday's high crossing at $16.17 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $16.17. Second resistance is the June 27^th high crossing at $16.79. First support is Monday's low crossing at $15.51. Second support is the 87% retracement level of the January-April rally crossing at $15.20. 

September cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 March's low, monthly resistance crossing at 37.75 is the next upside target. Closes below last-Thursday's low crossing at 32.60 would confirm that a short-term top has been posted.        

October sugar closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 24.62 would open the door for additional gains and a possible test of June's high crossing at 26.19. Closes below the 20-day moving average crossing at 23.64 would signal that a short-term top has been posted.  

December cotton closed higher on Thursday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off June's low, March's high crossing at 85.75 is the next upside target. Closes below the 20-day moving average crossing at 80.58 would signal that a short-term top has been posted.