KEY EVENTS TO WATCH FOR:

Monday, September 16, 2019   

8:30 AM ET. September Empire State Manufacturing Survey

                       Mfg Idx (previous 4.8)

                       Employment Idx (previous -1.6)

                       New Orders Idx (previous 6.7)

                       Prices Received (previous 4.5)

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

The STOCK INDEXES:The December NASDAQ 100 gapped down and was lower in overnight trading as traders reacted to the news of the attack that took half of Saudi Arabia’s oil output offline, sending oil producers much higher while airlines struggled. A rebound off session lows in late-overnight trading tempered some of its early session losses. The high-range overnight trade sets the stage for a steady to firmer 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 7752.05 would confirm that a short-term top has been posted. If December extends the rally off August's low, July's high crossing at 8175.75 is the next upside target. First resistance is last-Thursday's high crossing at 8002.50. Second resistance is July's high crossing at 8175.75. First support is the 20-day moving average crossing at 7752.05. Second support is the August 26^th low crossing at 7353.25.

The September S&P 500 gapped down and was sharply lower overnight following last-Friday's downside reversal. News of an attack on Saudi Arabia's oil facility over the weekend sent investors to the exits. 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, July's high crossing at 3029.00 is the next upside target. Closes below the 20-day moving average crossing at 2940.36 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3025.30. Second resistance is July's high crossing at 3029.00. First support is the 10-day moving average crossing at 2978.20. Second support is the 20-day moving average crossing at 2940.36.

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

INTEREST RATES: December T-bonds were higher overnight as they consolidate some of the decline off August's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50% retracement level of the April-August-rally crossing at 155-27 is the next downside target. Closes above the 20-day moving average crossing at 163-11 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 163-11. Second resistance is August's high crossing at 166-25. First support is last-Friday's low crossing at 157-17. Second support is the 50% retracement level of the April-August-rally crossing at 155-27.

December T-notes were higher overnight following a weekend attack on Saudi Arabia's oil facility.  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, the 50% retracement level of the March-September-rally crossing at 127.171 is the next downside target. Closes above the 20-day moving average crossing at 130.312 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 129.223. Second resistance is the 20-day moving average crossing at 130.312. First support is last-Friday's low crossing at 128.160. Second support is the 50% retracement level of the March-September-rally crossing at 127.171. 

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

October crude oil gapped up and was sharply higher overnight following a weekend attack on one of Saudi Arabia's major oil production facility. A sell off in late-overnight trading tempered early-session gains.The low-range overnight trade sets the stage for a steady to modestly 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 October extends the rally off August's low, May's high crossing at 63.87 is the next upside target. Closes below last-Thursday's low crossing at 54.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 63.34. Second resistance is May's high crossing at 63.87. First support is last-Thursday's low crossing at 54.00. Second support is September's low crossing at 52.84.  

October heating oil gapped up and was sharply higher overnight. The low-range overnight trade sets the stage for a steady to modestly 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 October extends the rally off August's low, May's high crossing at 214.81 the next upside target. Closes below last-Thursday's low crossing at 185.13 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 208.00. Second resistance is May's high crossing at 214.81. First support is last-Thursday's low crossing at 185.13. Second support is September's low crossing at 177.70. 

October unleaded gas gapped up and was sharply higher overnight as it extends the rally off September's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. The overnight trade above the 50-day moving average crossing at 160.04 opens the door for additional gains near-term and a possible test of July's high crossing at 179.62. Closes below last-Thursday's low crossing at 151.56 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at 175.33. Second resistance is July's high crossing at 179.62. First support is last-Thursday's low crossing at 151.56. Second support is September's low crossing at 144.75.

October Henry natural gas was higher overnight as it extends the rally off August'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 75% retracement level of the March-August decline crossing at 2.763 is the next upside target. Closes below the 20-day moving average crossing at 2.372 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2.696. Second resistance is the 75% retracement level of the March-August decline crossing at 2.763. First support is the 10-day moving average crossing at 2.531. Second support is the 20-day moving average crossing at 2.372.

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

CURRENCIES:The December Dollar was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 97.58 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 August's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is last-Thursday's high crossing at 98.67. Second resistance is September's high crossing at 98.90. First support is last-Friday's low crossing at 97.56. Second support is the 50-day moving average crossing at 97.32.  

The December 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Thursday's low, the 50-day moving average crossing at 112.37 is the next upside target. If December resumes the decline off June's high, monthly support crossing at 109.21 is the next downside target. First resistance is the 50-day moving average crossing at 112.37. Second resistance is August's high crossing at 113.55. First support is last-Thursday's low crossing at 110.02. Second support is monthly support crossing at 109.21.    

The December British Pound was lower overnight as it consolidated some of last-Friday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. 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 rally off September's low, the 38% retracement level of the February-September-decline crossing at 1.2595 is the next upside target. Closes below the 20-day moving average crossing at 1.2315 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.2549. Second resistance is the 38% retracement level of the February-September-decline crossing at 1.2595. First support is September's low crossing at 1.2008. Second support is monthly support crossing at 1.1965.  

The December Swiss Franc was lower overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0241 are needed to confirm that a short-term low has been posted. If December extends the decline off August's high, the 75% retracement level of the May-June rally crossing at 1.0114 is the next downside target. First resistance is the September 4th reaction high crossing at 1.0298. Second resistance is the August 26^th high crossing at 1.0391. First support is last-Thursday's low crossing at 1.0141. Second support is the 75% retracement level of the May-June rally crossing at 1.0114.

The December Canadian Dollar was slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends last week's decline, September's low crossing at 74.84 is the next downside target. Closes above the 50-day moving average crossing at 75.87 would temper the near-term bearish outlook.First resistance is last-Tuesday's high crossing at 76.23. Second resistance is the July 31^st high crossing at 76.40. First support is last-Friday's low crossing at 75.33. Second support is September's low crossing at 74.84.

The December Japanese Yen was higher overnight as it consolidates some of the decline off August's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, August's low crossing at 0.0924 is the next downside target. Closes above the 20-day moving average crossing at 0.0943 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0943. Second resistance is August's high crossing at 0.0965. First support is last-Friday's low crossing at 0.0929. Second support is August's low crossing at 0.0924.

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

PRECIOUS METALS: October gold 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 October extends the decline off September's high, the 50-day moving average crossing at 1478.80 is the next downside target. If October resumes the rally off May's low, the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20 is the next upside target. First resistance is September's high crossing at 1559.80. Second resistance is the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20. First support is the 50-day moving average crossing at 1478.80. Second support is August's low crossing at 1406.40.

December silver was higher overnight as it consolidates some of the decline off September's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 50-day moving average crossing at 17.089 is the next downside target. Closes above the 10-day moving average crossing at 18.405 would confirm that a short-term low has been posted. First resistance is September's high crossing at 19.750. Second resistance is the 75% retracement level of the 2016-2018 decline crossing at 19.803. First support is the 50-day moving average crossing at 17.089. Second support is the August 13^th reaction low crossing at 16.650. 

December copper was lower overnight as it consolidated some of the rally off September'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, July's high crossing at 280.50 is the next upside target. Closes below the 20-day moving average crossing at 259.67 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 270.65. Second resistance is July's high crossing at 280.50. First support is the 20-day moving average crossing at 259.67. Second support is September's low crossing at 248.20.    

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

December corn was steady to fractionally low overnight. 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 bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.77 would be the first time since June's high that a previous reaction high has been taken out thereby signaling that the intermediate trading is turning neutral to bullish. If December extends the decline off July's high, psychological support crossing at 3.50 is the next downside target. First resistance is the August 13th gap crossing at 3.92 3/4. Second resistance is the 50-day moving average crossing at 3.98 1/4. First support is last-Monday's low crossing at 3.52 1/4. Second support is psychological support crossing at 3.50.     

December wheat was steady to fractionally low 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.89 3/4 would open the door for a larger-degree rally off September's low. If December renews the decline off June's high, May's low crossing at 4.42 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 4.89 3/4. Second resistance is August's high crossing at 5.06 1/4. First support is September's low crossing at 4.50 1/2. Second support is May's low crossing at 4.42 1/4.  

December Kansas City Wheat closed down 3 3/4-cents at 3.99 3/4.

December Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 4.09 1/2 would open the door for a possible test of the 50-day moving average crossing at 4.28. If December renews the decline off June's high, weekly support crossing at 3.74 1/4 is the next downside target. First resistance is the reaction high crossing at 4.09 1/2. Second resistance is the 50-day moving average crossing at 4.28. First support is last-Tuesday's low crossing at 3.81. Second support is weekly support crossing at 3.74 1/4.  

December Minneapolis wheat was steady to fractionally higher overnight. The low-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 December extends the rally off September's low, the 50-day moving average crossing at 5.23 1/4 is the next upside target. If December resumes the decline off June's high, weekly support crossing at 4.80 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.05. Second resistance is the 50-day moving average crossing at 5.23 1/4. First support is September's low crossing at 4.86 1/2. Second support is weekly support crossing at 4.80 1/4.

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

November soybeans were lower in 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 overbought but remain neutral to bullish signaling that a low might be in or is near. If November extends the rally off September's low, July's high crossing at 9.36 1/2 is the next upside target. Closes below the 20-day moving average crossing at 8.70 1/4 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 9.04 3/4. Second resistance is July's high crossing at 9.36 1/2. First support is last-Monday's low crossing at 8.51. Second support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2.

December soybean meal was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 304.00 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, May's low crossing at 291.60 is the next downside target. First resistance is the 50-day moving average crossing at 304.00. Second resistance is the reaction high crossing at 306.30. First support is last-Monday's low crossing at 292.00. Second support is May's low crossing at 291.60.   

December soybean oil gapped up and was higher overnight. 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 December extends the rally off last-Monday's low, August's high crossing at 30.25 is the next upside target. Closes below the 50-day moving average crossing at 28.80 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 29.88. Second resistance level is August's high crossing at 30.25. First support is last-Monday's low crossing at 28.20. Second support is August's low crossing at 27.88. 

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

October hogs closed up $3.30 at $66.48. 

October hogs closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 68.70 is the next upside target. If October renews the decline off July's high, August's low crossing at 59.30 is the next downside target. First resistance is last-Thursday's high crossing at 68.00. Second resistance is the 50-day moving average crossing at 68.70. First support is August's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.  

October cattle closed down $0.65 at 98.08. 

October cattle closed lower on Friday as it consolidated some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 98.62 are needed to confirm that a short-term low has been posted. If October renews the decline off July's high, weekly support crossing at 83.42 is the next downside target. First resistance is the 20-day moving average crossing at 98.62. Second resistance is the August 26th high crossing at 101.68. First support is Monday's low crossing at 93.40. Second support is weekly support crossing at 83.42. 

October Feeder cattle closed up $0.08 at $134.58. 

October Feeder cattle closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 137.16 are needed to confirm that a low has been posted. If October renews the decline off July's high, weekly support crossing at 126.09 is the next downside target. First resistance is the 50-day moving average crossing at 137.16. Second resistance is July's high crossing at 144.43. First support is August's low crossing at 127.32. Second support is weekly support crossing at 126.09.    

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

December coffee closed lower on Friday but remains above the 50-day moving average crossing at 10.22. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50% retracement level of the July-August-decline crossing at 10.64 is the next upside target. Closes below the 20-day moving average crossing at 8.76 would confirm that a short-term top has been posted.     

December cocoa closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 23.47 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 20.47 would confirm that a short-term top has been posted. 

October sugar closed higher on Friday as it consolidated some of the decline off April's high. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, weekly support crossing at 10.12 is the next downside target. Closes above the 20-day moving average crossing at 11.19 would confirm that a low has been posted. 

December cotton closed slightly higher on Friday as it consolidates above the 50-day moving average crossing at 60.96 confirming that a seasonal low appears to have been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 38% retracement level of the April-August-decline crossing at 64.62 is the next upside target. Closes below the 20-day moving average crossing at 59.18 would temper the near-term friendly outlook.