KEY EVENTS TO WATCH FOR:

Monday, July 9, 2018  

10:00 AM ET. June Employment Trends Index

                       ETI (previous 107.69)

                       ETI, Y/Y% (previous +3.9%)

3:00 PM ET. May Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +9.26B)

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

The September NASDAQ 100 closed sharply higher on Friday and above the 20-day moving average crossing at 7164.49 are needed to confirm that a short-term low has been posted. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, June's high crossing at 7358.50 is the next upside target. First resistance is the today's high crossing at 7227.00. Second resistance is June's high crossing at 7358.50. First support is the reaction low crossing at 6956.00. Second support is the reaction low crossing at 6855.50. 

The September S&P 500 closed higher on Friday and above the 20-day moving average crossing at 2754.12 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, June's high crossing at 2795.50 is the next upside target. If September renews the decline off June's high, the reaction low crossing at 2681.00 is the next downside target. First resistance is the reaction high crossing at 2783.70. Second resistance is June's high crossing at 2795.50. First support is last-Thursday's low crossing at 2694.50. Second support is the reaction low crossing at 2681.00. 

The Dow closed higher on Friday as it extends the trading range of the past two-weeks. The Dow extended gains today putting major indexes on track for a second straight session of positive returns after a read on the labor market came in stronger than expected, supporting the thesis that economic fundamentals remain strong despite ongoing uncertainty around trade policy. Health-care stocks led the day’s advance after positive drug results at Biogen lifted the stock and sparked a broad rally in the biotech sector. 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 20-day moving average crossing at 24,663.97 would confirm that a short-term low has been posted. If the Dow resumes the decline off June's high, May's low crossing at 23,531.31 is the next downside target. First resistance is the 20-day moving average crossing at 24,663.97. Second resistance is June's high crossing at 25,402.83. First support is last-Thursday's low crossing at 23,997.21. Second support is May's low crossing at 23,531.31.      

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September T-bonds closed up 11/32's at 145-27.

September T-bonds closed higher on Friday.The low-range close sets the stage for a steady to lower opening when Monday'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 62% retracement level of the 2017-2018 decline crossing at 147-09 is the next upside target. Closes below the 20-day moving average crossing at 144-05 would confirm that a short-term top has been posted. First resistance is today's high crossing at 146-11. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 147-09. First support is the 20-day moving average crossing at 144-05. Second support is June's low crossing at 142-01.       

September T-notes closed up 40-points at 120-120.

September T-notes closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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, May's high crossing at 121.020 is the next upside target. Closes below the 20-day moving average crossing at 119.276 would confirm that a short-term top has been posted. First resistance is May's high crossing at 121.030. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 121.030. First support is June's low crossing at 118.295. Second support is May's low crossing at 117.300.     

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August crude oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the 75% retracement level of the 2014-2016-decline crossing at 77.08 is the next upside target. Closes below the 20-day moving average crossing at 68.99 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 75.27. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.08.First support is the 10-day moving average crossing at 72.32. Second support is the 20-day moving average crossing at 68.99. 

August heating oil closed lower on Friday. The mid-range close sets the stage for a steady opening when Monday's night trading session begins. Stochastics and the RSI 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 214.75 would temper the near-term friendly outlook. Closes above the reaction high crossing at 219.13 would open the door for a possible test of May's high crossing at 229.60. First resistance is the reaction high crossing at 219.13. Second resistance is May's high crossing at 229.60. First support is June's low crossing at 206.89. Second support is the 50% retracement level of the February-May-rally crossing at 205.35. 

August unleaded gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low the reaction high crossing at 219.04 is the next upside target. Closes below the 20-day moving average crossing at 207.51 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 219.04. Second resistance is May's high crossing at 226.86. First support is the 62% retracement level of the February-May-rally crossing at 198.78. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.

August Henry natural gas posted an inside day with a higher closed on Friday as it consolidated some the decline off June's high. The high-range close sets the stage for a steady to lower opening when Monday'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 August extends the decline off June's high, May's low crossing at 2.727 is the next downside target. Closes above the 20-day moving average crossing at 2.930 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.930. Second resistance is June's high crossing at 3.043. First support is the reaction low crossing at 2.821. Second support is May's low crossing at 2.727.  

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The September Dollar closed lower on Friday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Monday'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 50-day moving average crossing at 93.41 would open the door for a possible test of June's low crossing at 92.76. If September renews the rally off February's low, weekly resistance crossing at 97.70 is the next upside target. First resistance is June's high crossing at 95.26. Second resistance is weekly resistance crossing at 97.70. First support is the 50-day moving average crossing at 93.35. Second support is June's low crossing at 92.76.    

The September Euro closed higher on Friday and 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above last-Tuesday's high crossing at 117.95 confirms that a low has been posted. If September renews the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 115.36 is the next downside target. First resistance is the 50-day moving average crossing at 118.61. Second resistance is June's high crossing at 119.40. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.   

The September British Pound closed 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1.3366 are needed to confirm that a short-term low has been posted. If September resumes the decline off April's high, weekly support crossing at 1.3048 is the next downside target. First resistance is the reaction high crossing at 1.3366. Second resistance is the 50-day moving average crossing at 1.3456. First support is June's low crossing at 1.3095. Second support is weekly support crossing at 1.3048. 

The September Swiss Franc closed higher on Friday while extending the trading range of the past two-months. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above June's high crossing at 1.0302 are needed to confirm an upside breakout of the aforementioned trading range while opening the door for additional gains near-term. If September resumes the decline off June's high, May's low crossing at 1.0057 is the next downside target. First resistance is June's high crossing at 1.0302. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431. First support is June's low crossing at 1.0075. Second support is May's low crossing at 1.0057. 

The September Canadian Dollar closed higher on Friday as it extended the rally off June's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50-day moving average crossing at 77.13 is the next upside target. If September renews the decline off April's high, the 62% retracement level of the 2016-2017-rally crossing at 74.54 is the next downside target. First resistance is the 50-day moving average crossing at 77.13. Second resistance is June's high crossing at 77.94. First support is June's low crossing at 74.80. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.  

The September Japanese Yen closed 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 hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 0.9164 are needed to confirm that a short-term low has been posted. If September extends the decline off May's high, the 87% retracement level of the October-March-rally crossing at 0.9006 is the next downside target. First resistance is the 50-day moving average crossing at 0.9164. Second resistance is May's high crossing at 0.9320. First support is Tuesday's low crossing at 0.9044. Second support is the 87% retracement level of the October-March-rally crossing at 0.9006.   

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August gold closed lower on Friday. The low-range close sets the stage for a steady to lower 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 20-day moving average crossing at 1273.20 are needed to confirm that a short-term low has been posted. If August extends the decline off April's high, the 75% retracement level of the 2016-2018 rally crossing at 1213.00 is the next downside target. First resistance is the 20-day moving average crossing at 1273.20. Second resistance is the reaction high crossing at 1286.80. First support is the 62% retracement level of the 2016-2018 rally crossing at 1242.20. Second support is the 75% retracement level of the 2016-2018 rally crossing at 1213.00.

September silver closed slightly lower on Friday. The mid-range close set the stage for a steady 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 16.538 would confirm that a short-term low has been posted. If September extends the decline off June's high, the July-2017 low crossing at 15.625 is the next downside target. First resistance is the 10-day moving average crossing at 16.171. Second resistance is the 50-day moving average crossing at 16.538. First support is Monday's low crossing at 15.800. Second support is the July-2017 low crossing at 15.625.        

August copper closed lower on Friday as it extends the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 50% retracement level of the 2016-2018 rally crossing at 272.10 is the next downside target. Closes above the 20-day moving average crossing at 305.75 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 294.32. Second resistance is the 20-day moving average crossing at 305.75. First support is today's low crossing at 277.90. Second support is the 50% retracement level of the 2016-2018 rally crossing at 272.10.  

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

December Corn closed up 8-cents at 3.72 1/2. 

December corn closed higher due to short covering on Friday despite news that US tariffs against China were implemented at midnight. 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 diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. First resistance is the 20-day moving average crossing at 3.77 1/4. Second resistance is the reaction high crossing at 3.80 1/2. First support is Monday's low crossing at 3.58 1/2. Second support is psychological support crossing at 3.50.  

December wheat closed up 9 1/2-cents at 5.29 1/4. 

December wheat closed 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 5.24 3/4 confirms that a low has been posted. If December extends this week's rally, the 50-day moving average crossing at 5.41 1/2 is the next upside target. If December renews the decline off May's high, January's low crossing at 4.73 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.41 1/2. Second resistance is June's high crossing at 5.75 1/2. First support is Monday's low crossing at 4.96. Second support is January's low crossing at 4.73 3/4.        

December Kansas City Wheat closed up 9 3/4-cents at 5.34 1/4. 

December Kansas City wheat closed higher on Friday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. Multiple closes above the 20-day moving average crossing at 5.33 1/2 would confirm that a short-term low has been posted. If December resumes the decline off May's high, January's low crossing at 4.87 3/4. First resistance is the 20-day moving average crossing at 5.33 1/2. Second resistance is the 50-day moving average crossing at 5.61 1/4. First support is Monday's low crossing at 4.93 3/4. Second support is January's low crossing at 4.87 3/4. 

December Minneapolis wheat closed up 10 1/2-cents at 5.75. 

December Minneapolis wheat closed higher on Friday as it consolidated some of the decline off May's high. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.79 1/4 would confirm that a short-term low has been posted. If December resumes the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.79 1/4. Second resistance is the reaction high crossing at 5.89. First support is Monday's low crossing at 5.43. Second support is monthly support crossing at 5.15 1/2.  

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

November soybeans closed up 38 1/2-cents at 8.94 1/4. 

November soybeans posted a key reversal up and closed sharply higher on Friday signaling that a short-term low has likely been posted. 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 9.13 are needed to confirm that a low has been posted. If November extends the decline off May's high, monthly support crossing at 8.25 is the next downside target. First resistance is the 20-day moving average crossing at 9.13. Second resistance is the 38% retracement level of the May-July-decline crossing at 9.32 1/2. First support is today's low crossing at 8.53 1/4. Second support is monthly support crossing at 8.25.

December soybean meal closed up $12.40 at 336.30. 

December soybean meal 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 339.40 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, January's low crossing at 318.40 is the next downside target. First resistance is the 20-day moving average crossing at 339.40. Second resistance is the 38% retracement level of the May-July-decline crossing at 349.60. First support is today's low crossing at 323.20. Second support is January's low crossing at 318.40. 

December soybean oil closed up 41-points. At 29.44. 

December soybean oil posted a key reversal up 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 20-day moving average crossing at 30.01 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, June's low crossing at 28.50 is the next downside target. First resistance is the 20-day moving average crossing at 30.01. Second resistance is the 50-day moving average crossing at 31.07. First support is June's low crossing at 28.50. Second support is the August-2015 crossing at 28.17.

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

August hogs closed down $0.63 at $75.43. 

August hogs closed lower 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 76.57 would confirm that a short-term low has been posted. If August resumes the decline off June's high, April's low crossing at 72.45 is the next downside target. First resistance is June's high crossing at 80.00. Second resistance is April's high crossing at 80.55. First support is June's low crossing at 73.28. Second support is April's low crossing at 72.45.  

October cattle closed down $0.50 at 109.63. 

October cattle posted a key reversal down with today's lower close. The low-range close sets the stage for a steady to lower opening when Monday's night 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 108.01 would confirm that a short-term top has been posted. If October extends the rally off May's low, the 75% retracement level of the February-May-decline crossing at 113.33 is the next upside target. First resistance is the 62% retracement level of the February-May-decline crossing at 111.23. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is the 20-day moving average crossing at 108.01. Second support is the reaction low crossing at 110.05.  

August Feeder cattle closed down $0.37 at $152.20. 

August Feeder cattle closed lower on Friday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Monday's 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 May's low, is February's high crossing at 155.98 is the next upside target. Closes below the 20-day moving average crossing at 148.37 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-April-decline crossing at 153.26. Second resistance is February's high crossing at 155.98. First support is the 10-day moving average crossing at 149.45. Second support is the 20-day moving average crossing at 148.37.    

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

September coffee posted a huge key reversal up on Friday signaling a possible end to this year's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11.63 would confirm that a short-term low has been posted. If September extends this month's decline, monthly support crossing at 10.56 is the next downside target.   

September cocoa closed lower on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain neutral signaling that sideways trading is possible near-term. If September extends the rally off June's low, the 50-day moving average crossing at 25.92 is the next upside target. If September renews the decline off April's high, the 62% retracement level of the December-April-rally crossing at 22.64 is the next downside target.  

October sugar closed slightly higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, April's low crossing at 11.23 is the next downside target. Closes above the 20-day moving average crossing at 12.20 would confirm that a short-term low has been posted. 

October cotton closed higher on Friday. The high-range close sets 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, May's low crossing at 80.88 is the next downside target. Closes above the 20-day moving average crossing at 87.65 would confirm that a low has been posted.