KEY EVENTS TO WATCH FOR:

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 consolidates some of this week's decline. 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 20-day moving average crossing at 7822.39 are needed to confirm that a short-term top has been posted. If September resumes the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 8001.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7822.39. Second support is the July 9^th reaction low crossing at 7743.00.

The September S&P 500 gapped down and was lower overnight as it extended this week's decline. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2974.70 are needed to confirm that a short-term top has been posted. If September resumes the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 3022.60. Second resistance is unknown. First support is the 20-day moving average crossing at 2974.70. Second support is the July 9^th reaction low crossing at 2964.50.

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

INTEREST RATES: September T-bonds were steady to slightly 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 154-31 would confirm that a short-term low has been posted while opening the door for additional short-term gains. If September resumes the decline off July's high, the 50-day moving average crossing at 152-31 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 the 50-day moving average crossing at 152-31. Second support  is June's low crossing at 152-27.

September T-notes were steady to slightly lower in overnight trading. Stochastics and the RSI hav turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 127.184 would temper the near-term bearish outlook. If September resumes the decline off July's high, the 50-day moving average crossing at 126.189 is the next downside target. First resistance is July's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is the 50-day moving average crossing at 126.189.  Second support is June's low crossing at 126.155. 

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

August crude oil was higher due to short covering overnight as it consolidates some of this week's decline.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. If August extends this week's decline, July's low crossing at 56.04 is the next downside target. Closes above the 10-day moving average crossing at 58.53 would temper the near-term bearish outlook. 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 July's low crossing at 56.04. Second support is the reaction low crossing at 51.72.    

August heating oil was higher overnight as it consolidates some of 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the reaction low crossing at 186.94. 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 reaction low crossing at 186.94. Second support is the reaction low crossing at 173.74.

August unleaded gas was higher overnight as it consolidated some of 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month's decline, the 50-day moving average crossing at 184.99 is the next likely downside target. Closes above the 10-day moving average crossing at 193.22 would temper the near-term bearish outlook. 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 50-day moving average crossing at 184.99. Second support is the reaction low crossing at 177.43.

August Henry natural gas was steady to slightly higher overnight as it consolidates some of this week's losses. 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. If August extends this week's decline, July's low crossing at 2.217 is the next downside target. Closes above the 50-day moving average crossing at 2.440 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.440. Second resistance is the March-May-downtrend line crossing near 2.500. First support is Wednesday's low crossing at 2.290. Second support is July's low crossing at 2.217.

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

CURRENCIES:The September Dollar was steady to slightly higher in late-overnight trading. Stochastics and the RSI are becoming overbought but remain 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 96.37 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 96.37. Second support is the reaction low crossing at 96.12.

The September Euro was slightly 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 oversold but remain 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 113.51 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 113.51. Second resistance is June's high crossing at 114.86. First support is Wednesday's low crossing at 112.54. Second support is May's low crossing at 112.12.    

The September British Pound was higher overnight as it consolidates some of this year's decline. The high-range late-overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are oversold but remain neutral to bearish again signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, monthly support crossing at 1.2001 is the next downside target. Multiple closes above the 20-day moving average crossing at 1.2626 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2626. Second resistance is the 50-day moving average crossing at 1.2726 is the next upside target. First support is Wednesday's low crossing at 1.2417. Second support is monthly support crossing at 1.2001.  

The September Swiss Franc was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, the 50-day moving average crossing at 1.0136 is the next downside target. Multiple closes above the 20-day moving average crossing at 1.0225 are needed to confirm that a short-term low has been posted. 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 1.0136. 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 76.41 would confirm that a short-term top has been posted. 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.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 76.41. Second support is July's low crossing at 76.16.  

The September Japanese Yen was steady to slightly higher in late-overnight trading. 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 0.0931 would confirm that a short-term low has been posted. 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 July's low crossing at 0.0922. Second support is the May ^30th reaction low crossing at 0.0917.

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

PRECIOUS METALS: August gold was lower in late-overnight trading as it extends the trading range of the past four-weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the July 1^st low crossing at 1384.70 are needed to confirm a downside breakout of the aforementioned trading range. 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 1352.10.

September silver was higher overnight as it extends the rally off May'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 May's low, February's high crossing at 16.470 is the next upside target. Closes below the 20-day moving average crossing at 15.390 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at 16.150. Second resistance is February's high crossing at 16.700. First support is the 20-day moving average crossing at 15.390. Second support is the July 5th low crossing at 14.915. 

September copper was steady to slightly lower in late-overnight trading. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If September extends the rally off July'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 July'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 the decline off Monday's high.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 neutral to bearish signaling that sideways to lower prices possible near-term. If December extends this week's decline, the 50-day moving average crossing at 4.32 is the next downside target. If December resumes the rally off July's low, June's high crossing at 4.73 is the next upside target. First resistance is Monday's high crossing at 4.64 3/4. Second 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 4.32. Second support is May 28^th gap crossing at 4.20.    

December wheat was lower overnight as it extends Monday'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 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 5.30 3/4 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 4-cents at 4.62 1/4.

December Kansas City wheat closed lower on Wednesday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, May's low crossing at 4.14 is the next downside target. Multiple closes above the 20-day moving average crossing at 4.78 1/4 would confirm that a short-term low has been posted. First resistance is July's high crossing at 4.91 1/2. Second resistance is June's high crossing at 5.27 1/4. 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 lower overnight as it extends this week'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 renews the decline, May's low crossing at 5.29 1/2 is the next downside target. Closes above the 20-day moving average crossing at 5.54 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.54 1/2. Second resistance is the 50-day moving average crossing at 5.61 3/4. 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. From a broad perspective, November soybeans appear to have completed a broad head-and-shoulders top with Monday's 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this week's decline, July's low crossing at 8.90 1/4 is the next downside target. Closes below July's low would confirm a downside breakout of the head-and-shoulders neckline thereby opening the door for a larger-degree decline during the last half of July. Closes above the 20-day moving average crossing at 9.13 1/2 would confirm that a short-term low has been posted. 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 July's low crossing at 8.90 1/4. Second support is June's low crossing at 8.75 1/4.  

December soybean meal was lower overnight as it extends this week'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 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 318.30 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 318.30. 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 slightly higher in late-overnight trading. 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. If December renews the decline off June's high, June's low crossing at 27.60 is the next downside target. 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. 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 July's low crossing at 27.97. Second support is June's low crossing at 27.60. 

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

August hogs closed up $2.95 at $82.00. 

August hogs closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 84.42 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 84.42. Second resistance is the reaction crossing at 95.52. First support the reaction low crossing at 75.50. Second support is June's low crossing at 73.95.  

August cattle closed down $0.10 at 108.13. 

August cattle closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 105.76 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 down $0.48 at $140.58. 

August Feeder cattle closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's 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 137.57 would confirm that a short-term top has been posted. If August resumes the rally off June's low, the reaction high crossing at 148.10 is the next upside target. First resistance is last-Tuesday's high crossing at 143.30. Second resistance is the reaction high crossing at 148.10. First support is the reaction low crossing at 136.03. Second support is June's low crossing at 130.95.   

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

September coffee closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are 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 10.14 is the next downside target. If September renews the rally off May's low, October 2018 high crossing at 13.63 is the next upside target. 

September cocoa closed lower on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this month's decline, June's low crossing at 23.21 is the next downside target. Closes above the 10-day moving average crossing at 24.81 would confirm that a short-term low has been posted.              

October sugar closed sharply lower on Wednesday as it extends this year's decline. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, last September's low crossing at 11.45 is the next downside target. Closes above the 20-day moving average crossing at 12.42 would confirm that a low has been posted. 

December cotton closed lower on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Thursday. 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, monthly support crossing at 59.85 is the next downside target. Closes above the 20-day moving average crossing at 65.23 would confirm that a low has been posted.