KEY EVENTS TO WATCH FOR:

Friday, October 12, 2018  

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

                       Corn (Metric Tons) (previous 1431.1K)

                       Soybeans (Metric Tons) (previous 1525.2K)

                       Wheat (Metric Tons) (previous 435.4K)

8:30 AM ET. September Import & Export Price Indexes

                       Import Prices (expected +0.2%; previous -0.6%)

                       Non-Petroleum Prices (previous -0.2%)

                       Petroleum Prices (previous -3.9%)

10:00 AM ET. October University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 100.0; previous 100.8)

                       Mid-Mo Expectations (previous 91.1)

                       Mid-Mo Current Idx (previous 116.1)

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

The STOCK INDEXES:The December NASDAQ 100 was higher overnight as it consolidated some of this week's huge decline.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 62% retracement level of the April-September-rally crossing at 6898.35 is the next downside target. Closes above the 20-day moving average crossing at 7486.05 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7392.92. Second resistance is October's high crossing at 7728.75. First support is the 62% retracement level of the April-September-rally crossing at 6898.35. Second support is the 75% retracement level of the April-September-rally crossing at 6720.95.

The December S&P 500 was higher due to short covering overnight as it consolidates some of this week's huge decline. 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 62% retracement level of the April-September-rally crossing at 2720.80 is the next downside target. Closes above the 20-day moving average crossing at 2893.56 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2867.45. Second resistance is September's high crossing at 2945.50. First support is Thursday's low crossing at 2725.50. Second support is the 62% retracement level of the April-September-rally crossing at 2720.80.      

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

INTEREST RATES: December T-bonds were lower overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher price are possible near-term. Closes above the 20-day moving average crossing at 139-13 are needed to confirm that a short-term top has been posted. If December resumes the decline off August's high, monthly support crossing at 134-04 is the next downside target. First resistance is the 10-day moving average crossing at 138-10. Second resistance is the 20-day moving average crossing at 139-13. First support is Tuesday's low crossing at 136-16. Second support is monthly support crossing at 134-04.  

December T-notes was lower in late-overnight trading as it consolidates some of this week's gains. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 118.132 are needed to confirm that a short-term low has been posted. If December resumes the decline off August's high, monthly support crossing at 114.192 is the next downside target. First resistance is the 20-day moving average crossing at 118.132. Second resistance is the September 28^th reaction high crossing at 119.000. First support is Monday's low crossing at 117.135. Second support is monthly support crossing at 114.192.

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

ENERGY MARKETS: NovemberNymex crude oil was higher overnight as it consolidates some of the decline off October's high. Some of the overnight support was due to spillover gains in the global equity markets. Stochastics and the RSI remain neutral to bearish signaling that additional weakness is possible near-term. If November extends the decline off October's high, the 50-day moving average crossing at 69.48 is the next downside target. Closes above Tuesday's high crossing at 75.28 would signal that a short-term low has been posted. First resistance is October's high crossing at 76.90. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.23. First support is the 50-day moving average crossing at 69.49. Second support is September's low crossing at 66.67.    

November heating oil was slightly higher overnight as it consolidates some of the decline off October's high. 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 233.23 are needed to confirm that a short-term top has been posted. If November resumes the rally off August's low, the November-2014 high crossing at 254.68 is the next upside target. First resistance is October's high crossing at 245.00. Second resistance is the November-2014 high crossing at 254.68. First support is the 20-day moving average crossing at 233.23. Second support is the 50-day moving average crossing at 224.49. 

November unleaded gas was higher due to short covering overnight as it consolidates some of the decline off October's high. 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 October's high, September's low crossing at 191.30 is the next downside target. Closes above the 10-day moving average crossing at 206.22 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 206.22. Second resistance is October's high crossing at 215.00. First support is September's low crossing at 191.30. Second support is August's low crossing at 184.02.  

November Henry natural gas was higher overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.090 are needed to confirm that a short-term top has been posted. If November extends the rally off September's low, the July-2015 high crossing at 3.457 is the next upside target. First resistance is Tuesday's high crossing at 3.368. Second resistance is the July-2015 high crossing at 3.457. First support is the 10-day moving average crossing at 3.221. Second support is the 20-day moving average crossing at 3.090.  

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

CURRENCIES:The December Dollar was slightly higher overnight as it consolidates some of the decline off Tuesday's high. 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 94.62 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off September's low, August's high crossing at 96.45 is the next upside target. First resistance is Tuesday's high crossing at 95.84. Second resistance is August's high crossing at 96.45. First support is the 20-day moving average crossing at 94.62. Second support is September's low crossing at 93.39.    

The December Euro was lower overnight as it consolidates some of the rally off Tuesday's low. 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 116.89 would temper the near-term bearish outlook. If December extends the decline off September's high, August's low crossing at 114.09 is the next downside target. First resistance is September's high crossing at 118.93. Second resistance is July's high crossing at 119.36. First support is Tuesday's low crossing at 114.93. Second support is August's low crossing at 114.09.  

The December British Pound was lower overnight as it consolidates some of the rally off October'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 December extends the rally off October's low, September's high crossing at 1.3350 is the next upside target. If December resumes the decline off September's high, September's low crossing at 1.2845 is the next downside target. First resistance is September's high crossing at 1.3350. Second resistance is July's high crossing at 1.3435. First support is September's low crossing at 1.2845. Second support is August's low crossing at 1.2735.

The December Swiss Franc was lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, July's low crossing at 1.0082 is the next downside target. Closes above the 20-day moving average crossing at 1.0295 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0166. Second resistance is the 20-day moving average crossing at 1.0295. First support is Tuesday's low crossing at 1.0106. Second support is July's low crossing at 1.0082. 

The December Canadian Dollar was higher due to short covering overnight as it consolidated some of Wednesday's decline. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, September's low crossing at 75.75 is the next downside target. Closes above the 10-day moving average crossing at 77.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 77.40. Second resistance is October's high crossing at 78.35. First support is the September 27^th low crossing at 76.56. Second support is September's low crossing at 75.75.

The December Japanese Yen was slightly lower overnight as it consolidated some of the rally off October's low. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50-day moving average crossing at 0.0900 is the next upside target. Closes below the 10-day moving average crossing at 0.0888 would temper the near-term friendly outlook. If December renews the decline off August's high, the 87% retracement level of the 2015-2016 rally crossing at 0.0876 is the next downside target. First resistance is the 50-day moving average crossing at 0.0900. Second resistance is September's high crossing at 0.0912. First support is October's low crossing at 0.0877. Second support is the 87% retracement level of the 2015-2016 rally crossing at 0.0876.

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

PRECIOUS METALS: December gold was lower overnight as it consolidates some of Thursday's rally, which marked an upside breakout of the trading range of the past two-months. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends Thursday's upside breakout, the 38% retracement level of the April-August-Decline crossing at 1251.30 is the next upside target. Closes below the 20-day moving average crossing at 1203.50 would temper the near-term friendly outlook. First resistance is Thursday's high crossing at 1230.00. Second resistance is the 38% retracement level of the April-August-Decline crossing at 1251.30. First support is the reaction low crossing at 1184.30. Second support is August's low crossing at 1167.10.

December silver was higher overnight. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 14.950 would renew the rally off September's low. Closes below Wednesday's low crossing at 14.255 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's high crossing at 14.950. Second resistance is the August 28^th reaction high crossing at 15.070. First support is September's low crossing at 13.965. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620. 

December 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. If December resumes the rally off September's low, the July 25^th reaction high crossing at 288.85 is the next upside target. Closes below the 50-day moving average crossing at 272.72 would confirm that a short-term top has been posted. First resistance is the July 25^th reaction high crossing at 288.85. Second resistance is the July 10^th reaction high crossing at 290.20. First support is the 50-day moving average crossing at 272.72. Second support is September's low crossing at 258.00.

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

December corn was steady to fractionally lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Closes below the 20-day moving average crossing at 3.61 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. Closes above September's high crossing at 3.69 3/4 are needed to confirm that the intermediate-trend has turned sideways to higher. First resistance is September's high crossing at 3.69 3/4. Second resistance is the 38% retracement level of the May-September-decline crossing at 3.75 1/2. First support is the reaction low crossing at 3.54 1/2. Second support is September's low crossing at 3.42 1/2.

December wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off the late-September high, last-Tuesday's low crossing at 5.05 1/4 is the next downside target. If December renews the rally off September's low, the 50-day moving average crossing at 5.33 3/4 is the next upside target. First resistance is the 50-day moving average crossing at 5.33 3/4. Second resistance is the reaction high crossing at 5.49 1/2. First support is last-Tuesday's low crossing at 5.05 1/4. Second support is September's low crossing at 4.95 1/4.         

December Kansas City Wheat closed down 2 1/2-cents at 5.13 3/4.

December Kansas City wheat 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 renews the decline off September's high, September's low crossing at 4.98 3/4 is the next downside target. If December resumes the rally off September's low, the 50-day moving average crossing at 5.42 1/2 is the next upside target. First resistance is the reaction high crossing at 5.35 3/4. Second resistance is the 50-day moving average crossing at 5.42 1/2. First support is October's low crossing at 5.06 1/2. Second support is September's low crossing at 4.98 3/4. 

December Minneapolis wheat was higher overnight as it extends the trading range of the past seven-days. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are still possible. Closes above the reaction high crossing at 5.98 3/4 would open the door for additional gains and a possible test of the August 31^st high crossing at 6.02. Closes below the 20-day moving average crossing at 5.85 1/4 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.98 3/4. Second resistance is the August 31st high crossing at 6.02. First support is last-Monday's low crossing at 5.72. Second support is September's low crossing at 5.60 1/4. 

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

November soybeans were higher overnight following Thursday's friendly USDA supply-demand report. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off September's low, the 38% retracement level of the May-September-decline crossing at 9.07 is the next upside target. Closes below the 20-day moving average crossing at 8.51 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the May-September-decline crossing at 8.74. Second resistance is the 38% retracement level of the May-September-decline crossing at 9.07. First support is the 20-day moving average crossing at 8.51. Second support is September's low crossing at 8.12 1/4.  

December soybean meal was lower overnight while extending the trading range of the past four-weeks. 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. Closes below the 20-day moving average crossing at 312.50 would signal that a double top with September's high was likely posted on Monday. Closes above Monday's high crossing at 322.40 would mark a potential upside breakout of the aforementioned trading range. First resistance is Monday's high crossing at 322.40. Second resistance is the August-15^th reaction high crossing at 339.40. First support is the 75% retracement level of the 2016-2018 rally crossing at 303.80. Second support is the June-2017 low crossing at 301.20. 

December soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 28.65 would confirm that a short-term top has been posted. If December resumes the aforementioned rally, the 38% retracement level of the May-September-decline crossing at 30.53 is the next upside target. First resistance is last-Thursday's high crossing at 30.01. Second resistance is the 38% retracement level of the May-September-decline crossing at 30.53. First support is the 50-day moving average crossing at 28.65. Second support is September's low crossing at 27.13. 

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

December hogs closed down $1.53 at $54.42. 

December hogs closed lower on Thursday as it extends the decline off October's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 53.85 would open the door for additional weakness near-term. If December renews the rally off August low, June's high crossing at 60.75 is the next upside target. First resistance is October's high crossing at 59.95. Second resistance is June's high crossing at 60.75. First support is the 50-day moving average crossing at 53.85. Second support is the reaction low crossing at 50.07.    

December cattle closed up $0.30 at 116.78. 

December cattle closed higher on Thursday as it consolidates some of the decline off October'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 December extends the decline off October's high, the 50-day moving average crossing at 115.46 is the next downside target. Closes above the 10-day moving average crossing at 118.08 would confirm that a short-term low has been posted. First resistance is October's high crossing at 119.75. Second resistance is weekly resistance crossing at 122.88. First support is the 50-day moving average crossing at 115.46. Second support is the reaction low crossing at 113.80.   

October Feeder cattle closed up $0.83 at $156.73. 

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 oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, the 50-day moving average crossing at 153.53 is the next downside target. Closes above last-Friday's high crossing at 158.18 would confirm that a short-term low has been posted. First resistance is October's high crossing at 159.58. Second resistance is September's high crossing at 159.90. First support is Wednesday's low crossing at 155.80. Second support is the 50-day moving average crossing at 153.53.    

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

December coffee closed higher on Thursday as it extends the rally off September'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 bearish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the 62% retracement level of the May-September-decline crossing at 117.61 is the next upside target. Closes below the 20-day moving average crossing at 10.33 would confirm that a short-term top has been posted.             

December cocoa 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. Closes above the 20-day moving average crossing at 21.30 would confirm that a short-term low has been posted. If September resumes the decline off August's high, the December-2017 low crossing at 18.71 is the next downside target.   

March sugar closed slightly higher on Thursday. The high-range close set 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. If March extends the aforementioned rally, the June 26^th high crossing at 13.27 is the next upside target. Closes below the 50-day moving average crossing at 11.64 would temper the near-term friendly outlook. 

December cotton closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 77.87 are needed to confirm that a short-term low has been posted. If December resumes decline off July's high, the 62% retracement level of the 2016-2018 rally crossing at 74.00 is the next downside target.