KEY EVENTS TO WATCH FOR:

Monday, August 27, 2018  

8:30 AM ET. July CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.43)

                       NAI, 3-mo Moving Avg (previous 0.16)

10:30 AM ET. August Texas Manufacturing Outlook Survey

                       Business Activity (previous 32.3)

                       Mfg Production Idx (previous 29.4)

  N/A               Trump meets Kenyan PM Kenyatta at the White House

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

The STOCK INDEXES:The September NASDAQ 100 was higher overnight indicating that Wall Street is likely to extend its push into record territory. So far this month, the Nasdaq has gained 3.6% and are poised for their fifth straight monthly gain. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above July's high crossing at 7530.00 would renew this summer's rally into uncharted territory. Closes below the 50-day moving average crossing at 7322.89 would confirm that a short-term top has been posted. First resistance is July's high crossing at 7530.00. Second resistance is unknown. First support is the 50-day moving average crossing at 7322.89. Second support is the late-July low crossing at 7166.75.

The September S&P 500 gapped up in overnight trading and was higher overnight as it extends this summer's rally. 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 June's low, January's high crossing at 2885.30 is the next upside target. Closes below the 50-day moving average crossing at 2804.44 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2884.10. Second resistance is January's high crossing at 2885.30. First support is the 20-day moving average crossing at 2846.72. Second support is the 50-day moving average crossing at 2804.44.       

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

INTEREST RATES: September T-bonds were steady to slightly lower overnight as it consolidates some of the rally off August's low. 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 August's low, July's high crossing at 146-11 is the next upside target. Closes below the 20-day moving average crossing at 144-03 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 145-29. Second resistance is July's high crossing at 146-11. First support is the 10-day moving average crossing at 145-03. Second support is the 20-day moving average crossing at 144-03.  

September T-notes were steady to slightly lower overnight. 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 August's low, May's high crossing at 121.030 is the next upside target. Closes below the 20-day moving average crossing at 120.016 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 120.240. Second resistance is May's high crossing at 121.030. First support is the 10-day moving average crossing at 120.148. Second support is the 20-day moving average crossing at 120.016.

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

ENERGY MARKETS: OctoberNymex crude oil was steady to slightly lower in overnight trading as it consolidates some of the rally off August's low. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, June's high crossing at 71.29 is the next upside target. Closes below the 10-day moving average crossing at 66.47 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 69.31. Second resistance is June's high crossing at 71.29. First support is August's low crossing at 63.89. Second support is June's low crossing at 62.60.    

October heating oil was steady to slightly lower overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, July's high crossing at 224.48 is the next upside target. Closes below the 20-day moving average crossing at 214.01 would confirm that a short-term top has been posted. First resistance is July's high crossing at 224.48. Second resistance is May's high crossing at 229.92. First support is the 20-day moving average crossing at 214.01. Second support is August's low crossing at 208.05. 

October unleaded gas was steady to slightly lower overnight. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the late-July high crossing at 201.57 is the next upside target. Closes below the 10-day moving average crossing at 192.62 would confirm that a short-term top has been posted. First resistance is the late-July high crossing at 201.57. Second resistance is July's high crossing at 204.04. First support is August's low crossing at 186.62. Second support is July's low crossing at 185.93. 

October Henry natural gas was slightly lower overnight as it extends August's trading range. Stochastics and the RSI are bearish bullish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at 2.909 would confirm a short-term top has been posted. If October resumes the rally off July's low, June's high crossing at 3.025 is the next upside target. First resistance is the 87% retracement level of the June-July-decline crossing at 2.982. Second resistance is June's high crossing at 3.025. First support is the 20-day moving average crossing at 2.909. Second support is the 50-day moving average crossing at 2.862.  

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

CURRENCIES:The September Dollar was steady to slightly higher overnight. Stochastics and the RSI are becoming 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 94.82 would open the door for additional weakness and possible test of the late-July low crossing at 93.87. If September resumes this year's rally, monthly resistance crossing at 97.70 is the next upside target. First resistance is August's high crossing at 96.87. Second resistance is weekly resistance crossing at 97.70. First support is the 50-day moving average crossing at 94.82. Second support is the late-July low crossing at 93.87.  

The September Euro was steady to slightly lower in late-overnight trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible. Closes above the 50-day moving average crossing at 116.57 would open the door for additional gains and a possible test of the late-July high crossing at 117.90. If September renews this summer's decline, the 75% retracement level of the 2016-2018 rally crossing at 112.78 is the next downside target. First resistance is the 50-day moving average crossing at 116.57. Second resistance is the late-July-high crossing at 117.90. First support is August's low crossing at 113.28. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78. 

The September British Pound was steady to slightly higher overnight.Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 1.2949 are needed to confirm that a short-term low has been posted. If September renews the decline off July's high, the 87% retracement level of the 2016-2018-rally crossing at 1.2600 is the next downside target. First resistance is last-Wednesday's high crossing at 1.2949. Second resistance is the 50-day moving average crossing at 1.3086. First support is August's low crossing at 1.2678. Second support is the 87% retracement level of the 2016-2018-rally crossing at 1.2600.  

The September Swiss Franc was steady to slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends last week's rally, a test of June's high crossing at 1.0302 is possible. If September renews the decline off the June's high, July's low crossing at 0.9984 is the next downside target. First resistance is last-Wednesday's high crossing at 1.0217. Second resistance is June's high crossing at 1.0302. First support is July's low crossing at 0.9984. Second support is the 62% retracement level of the 2016-2018-rally on the weekly continuation chart crossing at 0.8880. 

The September Canadian Dollar was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes this month's decline, July's low crossing at 75.31 is the next downside target. If September resumes the rally off August's low, August's high crossing at 77.19 is the next upside target. First resistance is August's high crossing at 77.19. Second resistance is June's high crossing at 77.94. First support is July's low crossing at 75.31. Second support is June's low crossing at 74.80.  

The September Japanese Yen was steady to slightly higher overnight as it consolidates some of last-week's decline. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 0.8993 would confirm that a short-term top has been posted. If September renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 0.9172 is the next upside target. First resistance is last-Tuesday's high crossing at 0.9126. Second resistance is the 38% retracement level of the March-July decline crossing at 0.9172. First support is the reaction low crossing at 0.8993. Second support is August's low crossing at 0.8943. 

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

PRECIOUS METALS: October gold was lower in overnight trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Last-Friday's close above the 20-day moving average crossing at 1203.30 confirms that a short-term low has been posted while opening the door for additional weakness near-term. If October resumes the decline off April's high, the December-2016 low crossing at 1162.10 is the next downside target. First resistance is the reaction high crossing at 1220.50. Second resistance is the 50-day moving average crossing at 1232.60. First support is August's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.

September silver was lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 15.035 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, the December-2015 low on the weekly continuation chart crossing at 13.620 is the next downside target. First resistance is the 20-day moving average crossing at 15.035. Second resistance is the 50-day moving average crossing at 15.574. First support is August's low crossing at 14.315. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620. 

September copper was higher overnight. The high-range trade sets the stage for a steady to 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 270.59 are needed to confirm that a short-term low has been posted. If September resumes the decline off the late-July high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. First resistance is the 20-day moving average crossing at 270.59. Second resistance is the 50-day moving average crossing at 281.02. First support is August's low crossing at 255.20. Second support is the 62% retracement level of the 2016-2018 rally crossing at 250.74.

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

December corn was lower overnight as it extends the decline off the late-July 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 August's high, July's low crossing at 3.50 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.76 1/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 3.82 1/2. Second resistance is the 50% retracement level of the May-July-decline crossing at 3.89 3/4. First support is the reaction low crossing at 3.58 3/4. Second support is July's low crossing at 3.50 1/4.  

December wheat was lower overnight as it extends this month's decline. The low-range close 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 aforementioned decline, the reaction low crossing at 5.23 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.66 1/4 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 5.82 3/4. Second resistance is August's high crossing at 6.13. First support is the reaction low crossing at 5.23 3/4. Second support is the reaction low crossing at 5.07.       

December Kansas City Wheat closed down 7 3/4-cents at 5.46 3/4. 

December Kansas City wheat closed lower on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening on Monday. 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 reaction low crossing at 5.28 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.81 1/4 would confirm that a low has been posted. First resistance is last-Friday's high crossing at 5.96. Second resistance is August's high crossing at 6.26. First support is the 50-day moving average crossing at 5.46 1/2. Second support is the reaction low crossing at 5.28 1/4. 

December Minneapolis wheat was lower overnight as it extends this month's decline. 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. Closes below the 50-day moving average crossing at 5.88 1/4 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 6.19 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 6.31 3/4. Second resistance is August's high crossing at 6.56. First support is the 50-day moving average crossing at 5.88 1/4. Second support is the reaction low crossing at 5.71 3/4.  

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

November soybeans gapped down and were lower overnight as they extend this month's decline.Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. If November extends the decline off the late-July high, July's low crossing at 8.26 1/4 is the next downside target. Closes above the 20-day moving average crossing at 8.85 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 38% retracement level of the May-July-decline crossing at 9.15. Second resistance is the 50% retracement level of the May-July decline crossing at 9.42 3/4. First support is the overnight low crossing at 8.39 3/4. Second support is July's low crossing at 8.26 1/4.

December soybean meal was lower overnight as it extends this month's decline. 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 the late-July high, the 75% retracement level of the 2016-2018 rally crossing at 303.80 is the next downside target. Closes above the 50-day moving average crossing at 330.10 would confirm that a short-term low has been posted. First resistance is August's high crossing at 339.40. Second resistance is July's high crossing at 343.20. First support is the overnight low crossing at 310.40. Second support is the 75% retracement level of the 2016-2018 rally crossing at 303.80.  

December soybean oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes this summer's decline, July's low crossing at 29.78 is the next downside target. Closes above the late-July's high crossing at 29.39 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 28.95. Second resistance is the late-July high crossing at 29.39. First support is the reaction low crossing at 28.05. Second support is July's low crossing at 29.78. 

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

October hogs closed up $0.60 at $51.78. 

October hogs closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, August's low crossing at 47.82 is the next downside target. Closes above the 50-day moving average crossing at 55.10 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 59.50. Second resistance is the reaction high crossing at 61.65. First support is today's low crossing at 50.18. Second support is August's low crossing at 47.82.   

October cattle closed down $2.03 at 106.70. 

October cattle closed sharply lower on Friday ahead of today's cattle-on-feed report. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Today's higher than expected placement number was termed bearish and should lead to additional weakness on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, July's low crossing at 105.48 is the next downside target. Closes above the 20-day moving average crossing at 109.72 would confirm that a short-term low has been posted. First resistance is July's high crossing at 112.25. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is today's low crossing at 106.47. Second support is July's low crossing at 105.48.   

October Feeder cattle closed down $2.07 at $146.72. 

October Feeder cattle closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, the 50% retracement level of the April-July-rally crossing at 146.35 is the next downside target. Closes above Monday's high crossing at 152.35 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 152.35. Second resistance is the reaction high crossing at 153.45. First support is the 50% retracement level of the April-July-rally crossing at 146.35. Second support is the reaction low crossing at 145.42.    

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

September coffee closed higher due to short covering on Friday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 10.45 would confirm that a short-term low has been posted. If September extends the decline off June's high, monthly support crossing at 9.39 is the next downside target.        

September cocoa closed higher on Friday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. This week's breakout above the 50-day moving average crossing at 23.15 has opened the door for additional gains near-term. Closes below the 20-day moving average crossing at 21.54 would temper the near-term friendly outlook. If September resumes this summer's decline, the 87% retracement level of the December-April-rally crossing at 19.86 is the next downside target. 

October sugar closed slightly higher on Friday. The mid-range close set the stage for a steady opening on Monday. 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 10.47 are needed to confirm that a short-term low has been posted. If October extends the decline off June's high, weekly support crossing at 9.83 is the next downside target.   

October cotton closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews decline off July's high, the 50% retracement level of the 2016-2018 rally crossing at 78.35 is the next downside target. Closes above the 50-day moving average crossing at 86.32 are needed to confirm that a short-term low has been posted.