KEY EVENTS TO WATCH FOR:

Thursday, October 18, 2018  

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

                       Corn (Metric Tons) (previous 1006.7K)

                       Soybeans (Metric Tons) (previous 444.3K)

                       Wheat (Metric Tons) (previous 339K)

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

                       Jobless Claims (expected 213K; previous 214K)

                       Jobless Claims, Net Chg (previous +7K)

                       Continuing Claims (previous 1660000)

                       Continuing Claims, Net Chg (previous +4K)

8:30 AM ET. October Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 20; previous 22.9)

                       Prices Paid (previous 39.6)

                       Employment (previous 17.6)

                       New Orders (previous 21.4)

                       Prices Received (previous 19.6)

                       Delivery Times (previous 11.1)

                       Inventories (previous -3.5)

                       Shipments (previous 19.6)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. September Leading Indicators

                       Leading Index, M/M% (expected +0.5%; previous +0.4%)

                       Leading Index (previous 111.2)

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.2%)

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

                       Working Gas In Storage (Cbf) (previous 2956B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +90B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

  N/A               Alaska Day

Friday, October 19, 2018  

10:00 AM ET. September Regional & State Employment & Unemployment

10:00 AM ET. September Existing Home Sales

                       Existing Sales (expected 5.3M; previous 5.34M)

                       Existing Sales, M/M% (expected -0.7%; previous +0.0%)

                       Unsold Homes Month's Supply (previous 4.3)

                       Median Price (USD) (previous 264800)

                       Median Home Price, Y/Y% (previous +4.6%)

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

The STOCK INDEXES:The December NASDAQ 100 was lower overnight as it consolidates some of the rally off October's low. Stochastics and the RSI are neutral to bullish hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7431.51 are needed to confirm that a short-term low has been posted. If December resumes the decline off October's high, the 62% retracement level of the April-September-rally crossing at 6898.35 is the next downside target. First resistance is the 20-day moving average crossing at 7431.51. Second resistance is the 50-day moving average crossing at 7485.47. 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 lower overnight. 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 2869.45 would confirm that a short-term low has been posted. If December resumes the decline off October's high, the 62% retracement level of the April-September-rally crossing at 2720.80 is the next downside target.First resistance is the 10-day moving average crossing at 2815.32. Second resistance is the 20-day moving average crossing at 2869.45. First support is October'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 neutral to bearish signaling that sideways to lower price are possible near-term. If December resumes the decline off August's high, monthly support crossing at 134-04 is the next downside target. Closes above the 20-day moving average crossing at 138-27 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 138-27. Second resistance is the reaction high crossing at 141-04. First support is October'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 the rally off October's low. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off August's high, monthly support crossing at 114.192 is the next downside target. Closes above the 20-day moving average crossing at 118.079 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 118.079. Second resistance is the September 28^th reaction high crossing at 119.000. First support is October'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 lower overnight as it extends the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If November extends the decline below the 50-day moving average crossing at 69.78, September's low crossing at 66.67 is the next downside target. Closes above the 20-day moving average crossing at 72.77 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 72.77. Second resistance is October's high crossing at 76.90. First support is the 50-day moving average crossing at 69.78. Second support is September's low crossing at 66.67.    

November heating oil was lower overnight as it extends the decline off October's high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this month's decline, the 50-day moving average crossing at 225.85 is the next downside target. 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 50-day moving average crossing at 225.85. Second support is September's low crossing at 219.43. 

November unleaded gas was lower overnight as it extends 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, August's low crossing at 184.02 is the next downside target. Closes above the 20-day moving average crossing at 203.37 would confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 203.37. Second resistance is October's high crossing at 215.00. First support is the overnight low crossing at 188.84. Second support is August's low crossing at 184.02.  

November Henry natural gas was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November resumes the rally off September's low, the July-2015 high crossing at 3.457 is the next upside target. Closes below the 20-day moving average crossing at 3.166 are needed to confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 3.368. Second resistance is the July-2015 high crossing at 3.457. First support is the 20-day moving average crossing at 3.166. Second support is the 50-day moving average crossing at 3.006.  

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

CURRENCIES:The December Dollar was slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 94.84 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 last-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 94.84. Second support is September's low crossing at 93.39.    

The December Euro was steady to slightly higher overnight. 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 116.51 would temper the near-term bearish outlook. If December resumes 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 last-Tuesday's low crossing at 114.93. Second support is August's low crossing at 114.09.  

The December British Pound was slightly higher in late-overnight trading. The high-range trade in the overnight trade sets the stage for a steady to higher prices are possible near-term. 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 1.3053 would temper the near-term friendly outlook. If December extends the rally off October's low, September's high crossing at 1.3350 is the next upside target. First resistance is September's high crossing at 1.3350. Second resistance is July's high crossing at 1.3435. First support is October's low crossing at 1.2963. Second support is September's low crossing at 1.2845.

The December Swiss Franc was higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes 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 1.0231 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0231. Second resistance is the 50-day moving average crossing at 1.0286. First support is the overnight low crossing at 1.0091. Second support is July's low crossing at 1.0082. 

The December Canadian Dollar was slightly lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off October's high, September's low crossing at 75.75 is the next downside target. Closes above Tuesday's high crossing at 77.51 would confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 77.51. 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 higher overnight. 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 0.0890 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 0.0889 would open the door for additional short-covering gains near-term. 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 0.0889. 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 slightly higher overnight as it extends the rally off October's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, 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 1207.40 would temper the near-term friendly outlook. First resistance is Monday's high crossing at 1236.90. 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 lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-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. Closes above the reaction high crossing at 14.950 would renew the rally off September's low. First resistance is the reaction high crossing at 14.950. Second resistance is the August 28^th reaction high crossing at 15.070. First support is last-Wednesday's low crossing at 14.255. Second support is September's low crossing at 13.965. 

December copper was lower overnight. The low-range 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 50-day moving average crossing at 272.73 would confirm that a short-term top has been posted. If December resumes the rally off September's low, the July 25^th reaction high crossing at 288.85 is the next upside target. 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 272.73. Second support is September's low crossing at 258.00.

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

December corn was lower overnight as it consolidates some of the rally off September's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. The mid-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 3.64 1/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December extends the aforementioned rally, the 50% retracement level of the May-September-decline crossing at 3.85 3/4 is the next upside target. First resistance is Monday's high crossing at 3.78 1/2. Second resistance is the 50% retracement level of the May-September-decline crossing at 3.85 3/4. First support is last-Thursday's low crossing at 3.60 1/4. Second support is the reaction low crossing at 3.54 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 bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the 50-day moving average crossing at 5.28 1/2 is the next upside target. If December resumes the decline off the late-September high, September's low crossing at 4.95 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.28 1/2. Second resistance is the reaction high crossing at 5.49 1/2. First support is the reaction 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 7-cents at 5.21. 

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning 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 5.36 1/4 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 5.36 1/4. 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 steady to fractionally 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 still possible. Closes below the 20-day moving average crossing at 5.87 3/4 would confirm that a short-term top has been posted. If December extends the rally off September's low, the 62% retracement level of the May-July-decline crossing at 6.15 is the next upside target. First resistance is Monday's high crossing at 6.02 1/4. Second resistance is the 62% retracement level of the May-July-decline crossing at 6.15. First support is the reaction 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 lower overnight as it consolidates some of Monday's sharp rally. 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 overbought and 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 8.62 1/4 would confirm that a short-term top has been posted. If November extends the rally off September's low, the 38% retracement level of the May-September-decline crossing at 9.07 is the next upside target. First resistance is Monday's high crossing at 8.92. Second resistance is the 38% retracement level of the May-September-decline crossing at 9.07. First support is the reaction low crossing at 8.47. Second support is September's low crossing at 8.12 1/4.  

December soybean meal was lower overnight as it consolidates some of Monday's rally. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 315.60 would signal that a short-term top has been posted. If December extends Monday's rally, the 38% retracement level of the May-September-decline crossing at 3.36 1/4 is the next upside target. First resistance is Monday's high crossing at 327.30. Second resistance is the 38% retracement level of the May-September-decline crossing at 3.36 1/4. First support is the 20-day moving average crossing at 315.60. Second support is September's low crossing at 301.60. 

December soybean oil was lower overnight as it consolidates some of Monday's rally. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the aforementioned rally, the 38% retracement level of the May-September-decline crossing at 30.53 is the next upside target. Closes below the 50-day moving average crossing at 28.71 would confirm that a short-term top has been posted. First resistance is October'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 28.71. Second support is September's low crossing at 27.13.