KEY EVENTS TO WATCH FOR:

Tuesday, July 16, 2019  

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -0.1%)

                       Chain Store Sales, M/M% (previous +2.5%)

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

                       Import Prices (previous -0.3%)

                       Non-Petroleum Prices (previous -0.3%)

                       Petroleum Prices (previous -0.9%)

8:30 AM ET. June Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0.5%)

                       Sales, Ex-Auto, M/M% (previous +0.5%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.5%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -2.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.4%)

                       Latest Wk, Y/Y% (previous +6.2%)

9:15 AM ET. June Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +0.4%)

                       Capacity Utilization % (previous 78.1%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.2)

10:00 AM ET. July NAHB Housing Market Index

                       Housing Mkt Idx (previous 64)

10:00 AM ET. May Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.5%)

4:00 PM ET. May Treasury International Capital Data

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -8.1M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -0.3M)

                       Distillate Stocks, Net Chg (Bbls)  (previous +3.7M)

Wednesday, July 17, 2019

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 505.8)

                       Composite Idx, W/W% (previous -2.4%)

                       Purchase Idx-SA (previous 275.6)

                       Purchase Idx-SA, W/W% (previous +2.3%)

                       Refinance Idx (previous 1799.7)

                       Refinance Idx, W/W% (previous +6.5%)

8:30 AM ET. June New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.269M)

                       Housing Starts, M/M% (previous -0.9%)

                       Building Permits (previous 1.294M)

                       Building Permits, M/M% (previous +0.3%)

9:30 AM ET. IMF External Sector Report launch

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 458.992M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -9.499M)

                       Gasoline Stocks (Bbl) (previous -29.187M)

                       Gasoline Stocks, Net Chg (Bbl)  (previous -1.455M)

                       Distillate Stocks (Bbl) (previous 130.517M)

                       Distillate Stocks, Net Chg (Bbl) (previous +3.729M)

                       Refinery Usage (previous 94.7%)

                       Total Prod Supplied (Bbl/day) (previous 21.292M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.522M)

2:00 PM ET. U.S. Federal Reserve Beige Book

Thursday, July 18, 2019

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

                       Corn (Metric Tons) (previous 397.2K)

                       Soybeans (Metric Tons) (previous 261.7K)

                       Wheat (Metric Tons) (previous 284.4K)

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

                       Business Activity (previous 0.3)

                       Prices Paid (previous 12.9)

                       Employment (previous 15.4)

                       New Orders (previous 8.3)

                       Prices Received (previous 0.6)

                       Delivery Times (previous 15.6)

                       Inventories (previous 2.4)

                       Shipments (previous 16.6)

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

                       Jobless Claims (previous 209K)

                       Jobless Claims, Net Chg (previous -13K)

                       Continuing Claims (previous 1723000)

                       Continuing Claims, Net Chg (previous +27K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. June Leading Indicators

                       Leading Index, M/M% (previous +0.0%)

                       Leading Index (previous 111.8)

                       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 2471B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +81B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

Friday, July 19, 2019  

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

                       Mid-Mo Sentiment (previous 97.9)

                       Mid-Mo Expectations (previous 88.6)

                       Mid-Mo Current Idx (previous 112.5)

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

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

The STOCK INDEXES:The September NASDAQ 100 was slightly higher overnight as it extends the rally off June's low into uncharted territory. 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 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7806.25 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 8001.50. Second resistance is unknown. First support is the 10-day moving average crossing at 7900.68. Second support is the 20-day moving average crossing at 7806.21.

The September S&P 500 was steady to slightly higher overnight as it extends the indexes rally into uncharted territory. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2969.78 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 3022.60. Second resistance is unknown. First support is the 10-day moving average crossing at 2998.34. Second support is the 20-day moving average crossing at 2969.78.

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

INTEREST RATES: September T-bonds were steady to slightly higher overnight. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 155-01 would temper the near-term bearish outlook. If September extends the decline off July's high, the 50-day moving average crossing at 152-22 is the next downside target. First resistance is weekly resistance crossing at 156-29. Second resistance is weekly resistance crossing at 158-09. First support is June's low crossing at 152-27. Second support is the 50-day moving average crossing at 152-22.

September T-notes were steady to slightly lower in overnight trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at 126.147 is the next downside target. Closes above the 20-day moving average crossing at 127.193 would temper the near-term bearish outlook. First resistance is July's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is June's low crossing at 126.155. Second support is the 50-day moving average crossing at 126.147. 

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

August crude 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 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 58.17 would confirm that a short-term top has been posted. If August extends the rally off June's low, the 75% retracement level of the April-June decline crossing at 62.41 is the next upside target. First resistance is the 75% retracement level of the April-June decline crossing at 62.41. Second resistance is the May 20th high crossing at 64.03. First support is the 20-day moving average crossing at 58.17. Second support is the reaction low crossing at 51.72.    

August heating oil was slightly higher overnight as it consolidates some of Tuesday's loss. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 192.76 would confirm that a short-term top has been posted. If August resumes the rally off June's low, the May 28^th high crossing at 202.50 is the next upside target. First resistance is the May 28th high crossing at 202.50. Second resistance is May's high crossing at 213.98. First support is the 20-day moving average crossing at 192.76. Second support is the reaction low crossing at 186.94.

August unleaded gas was steady to slightly higher overnight as it the decline off July's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 188.70 are needed to confirm that a short-term low has been posted. If August resume the rally off June's low, the 75% retracement level of the 2018 decline crossing at 207.41 is the next upside target. First resistance is July's high crossing at 203.78. Second resistance is the 75% retracement level of the 2018 decline crossing at 207.41. First support is the 20-day moving average crossing at 188.70. Second support is the 50-day moving average crossing at 185.19.

August Henry natural gas 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 turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2.326 would confirm that a short-term top has been posted. Closes above the March-May-downtrend line crossing near 2.514 would signal that the intermediate trend is turning neutral to bullish. First resistance is the 50-day moving average crossing at 2.451. Second resistance is the March-May-downtrend line crossing near 2.514. First support is the 20-day moving average crossing at 2.326. Second support is June's low crossing at 2.134.

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

CURRENCIES:The September Dollar was higher in late-overnight trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, the June 18^th reaction high crossing at 97.27 is the next upside target. Closes below the 20-day moving average crossing at 96.32 would confirm that a short-term top has been posted. First resistance is the June 18^th reaction high crossing at 97.27. Second resistance is May's high crossing at 97.72. First support is the 20-day moving average crossing at 96.32. Second support is the reaction low crossing at 96.12.

The September Euro 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, May's low crossing at 112.12 is the next downside target. Closes above the 20-day moving average crossing at 113.54 would temper the near-term bearish outlook. First resistance is June's high crossing at 114.86. Second resistance is March's high crossing at 116.21. First support is the last-Tuesday's low crossing at 112.62. Second support is May's low crossing at 112.12.    

The September British Pound was lower in late-overnight trading as it resumes this year's decline. The low-range late-overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the October-2016 low crossing at 1.2439 is the next downside target. Multiple closes above the 20-day moving average crossing at 1.2644 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2644. Second resistance is the 50-day moving average crossing at 1.2754 is the next upside target. First support is the overnight low crossing at 1.2480. Second support is the October-2016 low crossing at 1.2439.  

The September Swiss Franc was lower overnight as it consolidates some of the rally off last-Tuesday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1.0220 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, the 50-day moving average crossing at 1.0127 is the next downside target. First resistance is June's high crossing at 1.0392. Second resistance is January's high crossing at 1.0505. First support is the 50-day moving average crossing at 1.0127. Second support is June's low crossing at 1.0066. 

The September Canadian Dollar was slightly lower overnight as it consolidates below the 38% retracement level of the 2017-2018 decline crossing at 76.92. 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, the 50% retracement level of the 2017-2018 decline crossing at 77.95 is the next upside target. Closes below the 20-day moving average crossing at 76.27 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the 2017-2018 decline crossing at 76.92. Second resistance is the 50% retracement level of the 2017-2018 decline crossing at 77.95. First support is the 20-day moving average crossing at 76.27. Second support is the 50-day moving average crossing at 75.32.  

The September Japanese Yen was steady to slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0931 would temper the near-term bearish outlook. If September resumes the decline off June's high, the May 30^th reaction low crossing at 0.0917 is the next downside target. First resistance is the reaction high crossing at 0.0935. Second resistance is the 87% retracement level of the January-April-decline crossing at 0.0942. First support is the May 30th low crossing at 0.0917. Second support is the May 21^st reaction low crossing at 0.0912.

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

PRECIOUS METALS: August gold was slightly higher in late-overnight trading as it extends the trading range of the past four-weeks. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July 1^st low crossing at 1384.70 are needed to confirm a downside breakout of the aforementioned trading range. If August resumes the rally off May's low, the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50 is the next upside target. First resistance is June's high crossing at 1442.90. Second resistance is the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50. First support is the July 1^st low crossing at 1384.70. Second support is the 50-day moving average crossing at 1346.90.

September silver was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off May's low, March's high crossing at 15.835 is the next upside target. Closes below the 50-day moving average crossing at 14.974 would open the door for additional weakness near-term.First resistance is June's high crossing at 15.625. Second resistance is March's high crossing at 15.835. First support is the 50-day moving average crossing at 14.974. Second support is the June 10^th reaction low crossing at 14.700. 

September copper was steady to slightly higher overnight as it extends the rebound off last-Tuesday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Tuesday's low, July's high crossing at 275.70 is the next upside target. If September resumes the decline off July's high, June's low crossing at 259.95 is the next downside target. First resistance is the July 1st high crossing at 275.70. Second resistance is the May 6^th reaction high crossing at 285.35. First support is last-Tuesday's low crossing at 261.10. Second support is June's low crossing at 259.95.    

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

December corn was lower overnight as it extends Monday's decline.The low-range trade overnight 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 possible near-term. Closes below the 10-day moving average crossing at 4.42 1/2 would temper the near-term friendly outlook. If December extends the rally off July's low, June's high crossing at 4.73 is the next upside target. First resistance is June's high crossing at 4.73. Second resistance is weekly resistance crossing at 5.15. First support is the 50-day moving average crossing at 4.29 3/4. Second support is May 28^th gap crossing at 4.20.    

December wheat was lower overnight as it extends Monday's key reversal down.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 renews the decline off June's high, June's low crossing at 5.06 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.33 1/4 would confirm that a short-term low has been posted. First resistance is the 62% retracement level of the August-May decline crossing at 5.60 3/4. Second resistance is the 75% retracement level of the August-May decline crossing at 5.86 1/2. First support is June's low crossing at 5.06 1/4. Second support is the May 23rd low crossing at 4.88 1/4.  

December Kansas City Wheat closed down 17 1/2-cents at 4.69 1/4.

December Kansas City wheat closed sharply lower on Monday as it posted a key reversal down. The low-range close sets the stage for a steady to lower opening when Tuesday day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 4.82 1/4 would confirm that a short-term low has been posted. If December renews the decline off June's high, May's low crossing at 4.14 is the next downside target. First resistance is June's high crossing at 5.27 1/4. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.36. First support is last-Tuesday's low crossing at 4.52 1/2. Second support is May's low crossing at 4.14.  

December Minneapolis wheat was steady to fractionally higher overnight as it consolidates some of Monday's decline. 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 bearish signaling that sideways to lower prices are possible near-term. If December renews the decline, May's low crossing at 5.29 1/2 is the next downside target. Closes above the 50-day moving average crossing at 5.61 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 5.61 3/4. Second resistance is the June 28th high crossing at 5.82. First support is last-Thursday's low crossing at 5.38. Second support is May's low crossing at 5.29 1/2.

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

November soybeans were lower overnight as it consolidates some of the rally off July's low.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 bullish signaling that a low might be in or is near. If November extends the rally off July's low, June's high crossing at 9.48 is the next upside target. Closes below the 10-day moving average crossing at 9.09 1/2 would temper the near-term friendly outlook. First resistance is June's high crossing at 9.48. Second resistance is March's high crossing at 9.57 1/2. First support is the 10-day moving average crossing at 9.09 1/2. Second support is the 50-day moving average crossing at 8.92 1/2.  

December soybean meal was lower overnight following Monday's key reversal down. 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 decline off June's high, the reaction low crossing at 301.40 is the next downside target. Closes above the 20-day moving average crossing at 319.70 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 319.70. Second resistance is June's high crossing at 336.00. First support is the May 28^th gap crossing at 309.00. Second support is the reaction low crossing at 301.40.     

December soybean oil was lower in late-overnight trading. 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 bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off May's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. If December renews the decline off June's high, June's low crossing at 27.60 is the next downside target. First resistance is June's high crossing at 28.56. Second resistance is the 50% retracement level of the February-May-decline crossing at 29.50. First support is June's low crossing at 27.60. Second support is May's low crossing at 26.96. 

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

August hogs closed down $0.55 at $80.10. 

August hogs closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the 50-day moving average crossing at 85.02 is the next upside target. Closes below last-Tuesday's low crossing at 75.50 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 85.02. Second resistance is the reaction crossing at 95.52. First support is June's low crossing at 73.95. Second support is the July-2018 low crossing at 69.90. 

August cattle closed up $0.03 at 108.50. 

August cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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, the reaction high crossing at 109.93 is the next upside target. Closes below the 20-day moving average crossing at 105.50 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 109.93. Second resistance is the April 18th high crossing at 119.95. First support is June's low crossing at 101.97. Second support is weekly support crossing at 100.40.

August Feeder cattle closed up $0.05 at $141.65. 

August Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 148.10 is the next upside target. Closes below the 20-day moving average crossing at 137.57 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 143.30. Second resistance is the reaction high crossing at 148.10. First support is June's low crossing at 130.95. Second support is weekly support crossing at 128.57.  

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

September coffee posted a key reversal up on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. If September renews the rally off May's low, October 2018 high crossing at 13.63 is the next upside target. Closes below the 20-day moving average crossing at 10.59 would confirm that a short-term top has been posted. 

September cocoa closed sharply lower on Monday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September extends today's decline, June's low crossing at 23.21 is the next downside target. Closes above the 10-day moving average crossing at 24.93 would confirm that a short-term low has been posted.               

October sugar closed sharply lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October resumes the decline off June's high, May's low crossing at 11.82 is the next downside target. Closes above the 20-day moving average crossing at 12.51 would confirm that a low has been posted. 

December cotton closed higher on Monday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 downside breakout of the May-June trading range, monthly support crossing at 59.85 is the next downside target. Closes above the 20-day moving average crossing at 65.62 would confirm that a low has been posted.