KEY EVENTS TO WATCH FOR:

Wednesday, July 29, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 815.5)

                       Composite Idx, W/W% (previous +4.1%)

                       Purchase Idx-SA (previous 310.9)

                       Purchase Idx-SA, W/W% (previous +1.8%)

                       Refinance Idx (previous 3973.3)

                       Refinance Idx, W/W% (previous +5.3%)

8:30 AM ET. June Advance Economic Indicators Report

10:00 AM ET. June Pending Home Sales Index

                       Pending Home Sales (previous 99.6)

                       Pending Home Sales Idx, M/M% (expected +14.6%; previous +44.3%)

                       Pending Home Sales Idx , Y/Y% (previous -5.1%)

10:00 AM ET. June Metropolitan Area Employment & Unemployment

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 536.58M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +4.892M)

                       Gasoline Stocks (Bbl) (previous 246.733M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.802M)

                       Distillate Stocks (Bbl) (previous 177.883M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.074M)

                       Refinery Usage (previous 77.9%)

                       Total Prod Supplied (Bbl/day) (previous 17.654M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.826M)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 0.25)

                       Fed Funds Rate-Range Low (previous 0.00)

                       FOMC Vote For Action (previous 10)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 0.25)

                       Discount Rate Change (Pts) (previous +0)

                       Discount Rate-Range High

                       Discount Rate-Range Low

2:00 PM ET. SEC Closed Meeting

Thursday, July 30, 2020 

8:30 AM ET. Advance estimate GDP

                       Annual Rate, Q/Q% (expected -34.8%; previous -5.0%)

                       Chain-Weighted Price Idx, Q/Q% (expected +0.2%; previous +1.4%)

                       PCE Price Idx, Q/Q% (previous +1.3%)

                       Purchase Price Idx, Q/Q% (previous +1.7%)

                       Real Final Sales 1st Est, Q/Q% (previous -3.5%)

                       Core PCE Price Idx, Q/Q% (previous +1.7%)

                       Personal Consumption, Q/Q% (previous -6.8%)

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

                       Jobless Claims (expected 1435K; previous 1416K)

                       Jobless Claims, Net Chg (previous +109K)

                       Continuing Claims (previous 16197000)

                       Continuing Claims, Net Chg (previous -1107K)

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

                       Corn (Metric Tons) (previous 2547.8K)

                       Soybeans (Metric Tons) (previous 2665.7K)

                       Wheat (Metric Tons) (previous 616.7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 3215B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +37B)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, July 31, 2020 

8:30 AM ET. June Personal Income & Outlays

                       Personal Income, M/M% (expected -0.9%; previous -4.2%)

                       Consumer Spending, M/M% (expected +5.0%; previous +8.2%)

                       PCE Price Idx, M/M% (previous +0.1%)

                       PCE Price Idx, Y/Y% (previous +0.5%)

                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)

                       PCE Core Price Idx, Y/Y% (expected +1.0%; previous +1%)

8:30 AM ET. 2^nd Quarter Employment Cost Index

                       ECI, Q/Q% (expected +0.6%; previous +0.8%)

                       ECI, Y/Y% (expected +2.8%)

9:45 AM ET. July ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 44.0; previous 36.6)

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

                       End-Mo Sentiment Idx (expected 72.4; previous 78.1)

                       End-Mo Expectations Idx (previous 72.3)

                       12-Month Inflation Forecast (previous 3.0%)

                       5-Year Inflation Forecast (previous 2.5%)

                       End-Mo Current Idx (previous 87.1)

3:00 PM ET. June Agricultural Prices

                       Farm Prices, M/M% (previous -9.0%)

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

The Dow closed lower on Tuesday as investors focused on talks between Republicans and Democrats on a second coronavirus aid package and a deluge of second-quarter corporate results. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26,358.26 would confirm that a short-term top has been posted. Closes above the June 8th high crossing at 27,580.21 are needed to renew the rally off March's low. First resistance is the July 15^th high  crossing at 27,071.33. Second resistance is June's high crossing at 27,580.21. First support is the 20-day moving average crossing at 26,358.26. Second support is the 50-day moving  average crossing at 25,967.29.  

The September NASDAQ 100 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last-week's decline, the 50-day moving average crossing at 10,082.53 is the next downside target. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 11,058.00. Second resistance is unknown. First support is last-Friday's low crossing at 10,301.00. Second support is the 50-day moving average crossing at 10,082.53.    

The September S&P 500 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3177.32 would confirm that a short-term top has been posted. If September extends the rally off June's low, February's high crossing at 3387.60 is the next upside target. First resistance is last-Thursday's high crossing at 3284.00. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3177.32. Second support is the 50-day moving average crossing at 3100.84.

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

September T-bonds closed up 27/32's at 181-16.

September T-bonds closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing  at 179-25 are needed to confirm that a short-term top has been posted. If September renews the rally off June's lows, the 75% retracement level of March's decline crossing at 183-23 is the next upside target. First resistance is last-Friday's high crossing at 181-30. Second resistance is the 75% retracement level of March's decline crossing at 183-23. First support is the 20-day moving average crossing at 179-25. Second support is the 50-day moving average crossing at 178-02.

September T-notes closed up 75-pts. At 139.225.

September T-notes closed higher on Tuesday while extending the March-July trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the rally off June's high, March's high on the weekly continuation chart crossing at 140.240 is the next upside target. Closes below the 50-day moving average crossing at 138.285 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 139.250. Second resistance is March's high on the weekly continuation chart crossing at 140.240. First support is the 20-day moving average crossing at 139.110. Second support is the 50-day moving average crossing at 138.285.           

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

September crude oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. Closes below the July 10^th low crossing at $38.77 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.38 is the next upside target. First resistance is last-Tuesday's high crossing at $42.51. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.38. First support is the 50-day moving average crossing at $38.65. Second support is the June 15th low crossing at $35.07. 

September heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to  lower opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the rally off April's low, the 38% retracement level of the January-April-decline crossing at $131.31 is the next upside target. Closes below the 20-day moving average crossing at $124.75 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the January-April-decline crossing at $131.31. Second resistance is the 50% retracement level of the January-April-decline crossing at $145.38. First support is the 20-day moving average crossing at $124.75. Second support is the 50-day moving average crossing at $119.14. 

September unleaded gas closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 50-day moving average crossing at 118.29 would confirm that a short-term top has been posted. If September renews the rally off April's low, June's high crossing at 130.90 is the next upside target. First resistance is June's high crossing at 130.90. Second resistance is 62% retracement level of the January-March-decline decline crossing at 142.00. First support is the 50-day moving average crossing at 118.29. Second support is the June 29^th low crossing at 110.99.  

September Henry natural gas closed higher on Tuesday as it extends the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 50-day moving average crossing at 1.861 are needed to confirm that a short-term low has been posted. If September renews the decline off July's high, June's low crossing at 1.583. First resistance is the 50-day moving average crossing at 1.861. Second resistance is  the July 7^th high crossing at 1.989. First support is last-Monday's low crossing at 1.646. Second support is June's low crossing at 1.583. 

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

The September Dollar posted an inside day with a slightly higher close on Tuesday as it consolidates some of this year's decline. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year's decline, the September 2018 low on the weekly continuation chart crossing at 93.39 is the next downside target. Closes above the 20-day moving average crossing at 95.91 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 95.03. Second resistance is the 20-day moving average crossing at 95.91. First support is Monday's low crossing at  93.42. Second support is the September 2018 low on the weekly continuation chart crossing at 93.39. 

The September Euro posted an inside day with lower close on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 March's low, the 50% retracement level of the 2018-2020 decline crossing at 120.83 is the next upside target. Closes below the 20-day moving average crossing at 114.38 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2018-2020 decline crossing at 117.58. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 120.83. First support is the 10-day moving average crossing at 115.63. Second support is the 20-day moving average crossing at 114.38. 

The September British Pound closed higher on Tuesday as it extended the rally off June's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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, the 87% retracement level of the December-March decline crossing at 1.3193 is the next upside target. Closes below the 20-day moving average crossing at 1.2630 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the December-March decline crossing at 1.2952. Second resistance is the 87% retracement level of the December-March decline crossing at 1.3193. First support is the 10-day moving average crossing at 1.2723. Second support is the 20-day moving average crossing at 1.2630.  

The September Swiss Franc closed higher on Tuesday as it extends the rally off  March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 May's low, March's high crossing at 1.0946 is the next upside target. Closes below the 20-day moving average crossing at 1.0693 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0938. Second resistance isMarch's high crossing at 1.0946. First support is the 10-day moving average crossing at 1.0755. Second support is the 20-day moving average crossing at 1.0693.

The September Canadian Dollar closed slightly lower on Tuesday.The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 this month's rally, June's high crossing at 75.10 is the next upside target. Closes below the 50-day moving average crossing at 73.58 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the January-March-decline crossing at 74.98. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is the 20-day moving average crossing at 73.98. Second support is the 50-day moving average crossing at 73.58.  

The September Japanese Yen closed higher for the third day in a row on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night 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 trading range breakout, the 62% retracement level of March's decline crossing at 0.0957 is the next upside target. Closes below the 50-day moving average crossing at 0.0933 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0953. Second resistance is the 62% retracement level of March's decline crossing at 0.0957. First support is the 10-day moving average crossing at 0.0939. Second support is the 20-day moving average crossing at 0.0935.  

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

August gold closed higher for the eighth-day in a row on Tuesday and posted a new all-time high as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 August extends the rally off the March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $1832.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1974.70. Second resistance is unknown. First support is the 10-day moving average crossing at $1862.90. Second support is the 20-day moving average crossing at $1832.00.

September silver closed slightly lower on Tuesday as it consolidated some of this year's rally. The mid-range close sets the stage for a steady opening when Tuesday's night 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, the 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727 is the next upside target. Closes below the 20-day moving average crossing at 20.403 would signal that a short-term top has been posted. First resistance is today's high crossing at 26.275. Second resistance isthe 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is the 10-day moving average crossing at 21.942. Second support is the 20-day moving average crossing at 20.403.   

September copper closed slightly higher on Tuesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 286.84 would signal that a short-term top has been posted. If September renews the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. First resistance is July's high crossing at 299.30. Second resistance is the April-2019 high crossing at 301.65. First support is the 20-day moving average crossing at 286.84. Second support is the 50-day moving average crossing at 267.88. 

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

December Corn closed down a $0.04 1/2-cents at $3.30. 

December corn closed lower on Tuesday pressured by Monday's bearish crop condition report. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, June's low crossing at $3.13 1/2 is the next downside target. Closes above the 20-day moving average crossing at $3.42 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.42 1/4. Second resistance is July's high crossing at 3.63. First support is today's low crossing at $3.29. Second support is June's low crossing at $3.22.    

December wheat closed down $0.04 1/4-cents at $5.30 1/2.  

December wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 $5.27 1/2 are needed to confirm that a short-term top has been posted. If December renews the rally off June's low, the 87% retracement level of the March-June-decline crossing at $5.65 is the next upside target. First resistance is the 75% retracement level of the March-June-decline crossing at $5.53. Second resistance is the 87% retracement level of the March-June-decline crossing at $5.65. First support is the 20-day moving average crossing at $5.27 1/2. Second support is July's low crossing at $4.96.       

December Kansas City Wheat closed down $0.02 3/4-cents at $4.47 3/4.

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night 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 last-Monday's decline, June's low crossing at $4.37 1/4 is the next downside target. Closes above the July 9th high crossing at $4.74 3/4 would open the door for a larger-degree rally near-term. First resistance is the July 9th high crossing at $4.74 3/4. Second resistance is June's high crossing at $4.95. First support is last-Monday's low crossing at $4.43 1/2. Second support is June's low crossing at $4.37 1/4.     

December Minneapolis wheat closed down $0.02 1/4-cents at $5.19 3/4. 

December Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 July's high, weekly support crossing at $5.15 1/2 is the next downside target. Closes above the 50-day moving average crossing at $5.35 3/4 would signal that a short-term low has been posted. First resistance July's high crossing at $5.43 1/2. Second resistance is the June 18^th high crossing at $5.49. First support is last-Monday's low crossing at $5.19 1/2. Second support is weekly support crossing at $5.15 1/2.        

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

November soybeans closed down $0.12-cent at $8.87 3/4.

November soybeans closed lower on Tuesday due to improving crop conditions. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends today's decline, the 50-day moving average crossing at $8.77 is the next downside target. If November extends the rally off the July 13th low crossing at $8.71 1/2, July's high crossing at $9.12 1/2 is the next upside target.First resistance is July's high crossing at $9.12 1/2. Second resistance is the 62% retracement level of the December-April-decline crossing at $9.25 1/4. First support is the 50-day moving average crossing at $8.77. Second support is the June 29^th low crossing at $8.56 3/4.

December soybean meal closed down $4.00 at $297.50. 

December soybean meal closed lower on Tuesday as it consolidates some of the rally off the July 15^th low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 July 15^th low, the 38% retracement level of the 2019-2020-decline crossing at $306.50 is the next upside target. Closes below the 50-day moving average crossing at $298.40 is the next downside target. First resistance is Monday's high crossing at $303.50. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. First support is the July 15^th low at $290.70. Second support is June's low crossing at $287.50.     

December soybean oil closed down 23-pts. At 29.91. 

December soybean oil closed lower on Tuesday as it extends the decline off July's high. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 29.60 would confirm that a short-term top has been posted. If December renews the rally off April's low, the 50% retracement level of the December-March-decline crossing at 31.16 is the next upside target. First resistance is last-Monday's high crossing at 31.06. Second resistance is the 50% retracement level of the December-March-decline crossing at 31.16. First support is the 20-day moving average crossing at 29.60. Second support is the 50-day moving average crossing at 28.97.      

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

August hogs closed down $0.45 at $54.10. 

August hogs closed lower on Tuesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 August extends the aforementioned rally, June's high crossing at $58.03 is the next upside target. Closes below the 20-day moving average crossing at $51.14 would signal that a short-term top has been posted. First resistance is today's high crossing at $55.28. Second resistance is June's high crossing at $58.03. First support is the 20-day moving average crossing at $51.14. Second support is June's low crossing at $47.52.     

August cattle closed up $0.90 at $101.33. 

August cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $98.68 are needed to confirm that a short-term top has been posted. If August renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at $108.26 is the next upside target. First resistance is the 62% retracement level of the January-April-decline crossing at $103.35. Second resistance is the 75% retracement level of the January-April-decline crossing at $108.26. First support is the 20-day moving average crossing at $100.58. Second support is the 50-day moving average  crossing at $98.68.     

August Feeder cattle closed up $2.13-cents at $141.48. 

August Feeder cattle posted an inside day with a higher close on Tuesday leaving Monday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $138.36 would confirm that a short-term top has been posted. If August extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at $144.98 is the next upside target. First resistance is Monday's high crossing at $143.85. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.98. First support is the 20-day moving average crossing at $138.36. Second support is the 50-day moving average crossing at $135.07.        

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

September coffee closed slightly lower on Tuesday as it consolidated some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, May's high crossing at 11.42 is the next upside target. Closes below the 50-day moving average crossing at 10.09 would confirm that a short-term top. 

September cocoa closed slightly higher on Tuesday as it extends Monday's breakout above the 50-day moving average crossing at 22.77 thereby opening the door for additional short-term gains. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 July's low, the June 26^th high crossing at 23.97 is the next upside target. Closes below the 20-day moving average crossing at 21.85 would temper the near-term bearish outlook.                

October sugar closed lower on Tuesday as it extends the June-July trading range. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above June's high crossing at 12.40 or below July's low crossing at 11.27 would confirm a breakout of the aforementioned trading range and point the direction of the next trending move.             

December cotton posted an inside day with a slightly lower close 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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 62.53 are needed to confirm that a short-term low has been posted. If December extends last-week's decline, the June-15^th low crossing at 57.75 is the next downside target.