KEY EVENTS TO WATCH FOR:

Thursday, July 22, 2021 

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

                       Jobless Claims (previous 360K)

                       Jobless Claims, Net Chg (previous -26K)

                       Continuing Claims (previous 3241000)

                       Continuing Claims, Net Chg (previous -126K)

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

                       Corn (Metric Tons) (previous 272K)

                       Soybeans (Metric Tons) (previous 312.5K)

                       Wheat (Metric Tons) (previous 424.7K)

8:30 AM ET. June CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.29)

                       NAI, 3-mo Moving Avg (previous 0.81)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. June Existing Home Sales

                       Existing Sales (previous 5.8M)

                       Existing Sales, M/M% (previous -0.9%)

                       Unsold Homes Month's Supply (previous 2.5)

                       Median Price (USD) (previous 350300)

                       Median Home Price, Y/Y% (previous +23.6%)

10:00 AM ET. June Leading Indicators

                       Leading Index, M/M% (previous +1.3%)

                       Leading Index (previous 114.5)

                       Coincident Index, M/M% (previous +0.4%)

                       Lagging Index, M/M% (previous -2.2%)

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

                       Working Gas In Storage (Cbf) (previous 2629B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +55B)

11:00 AM ET. July Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 30)

                       6-Mo Exp Prod Idx (previous 44)

                       Mfg Composite Idx (previous 27)

                       6-Mo Exp Composite Idx (previous 32)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, July 23, 2021 

9:45 AM ET. July US Flash Manufacturing PMI

                       PMI, Mfg (previous 62.6)

9:45 AM ET. July US Flash Services PMI

                       PMI, Services (previous 64.8)

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

The Dow Closed higher on Wednesday filling Monday gap crossing at 34,647.82. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at 34,702.72 signals that a short-term low has been posted. If the Dow renews Monday's decline, June's low crossing at 33,281.93 is the next downside target. First resistance is May's high crossing at 35,091.56. Second resistance is unknown. First support is Monday's low  crossing at 33,741.76. Second support is June's low crossing at 33,271.93. 

The September NASDAQ 100 closed higher on Wednesday as it consolidated some of the decline off last-Tuesday's high. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 10-day moving average crossing at 14,765.40 would signal that a short-term low has been posted. If September renews the decline off last-Tuesday's high, the 50-day moving average crossing at 14,066.65 is the next downside target. First resistance is today's high crossing at 14,789.50. Second resistance is last-Tuesday's high crossing at 14,996.00. First support is Monday's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,066.64. 

The September S&P 500 closed higher on Wednesday as it extended the rally off Monday's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews this year's rally upside targets are hard to project. Closes below the 50-day moving average crossing at 4234.48 would confirm that a short-term top has been posted while opening the door for a possible test of June's low crossing at 4126.75. First resistance is today's high crossing at 4346.50. Second resistance is last-Tuesday's high  crossing at 4384.50. First support is the 50-day moving average crossing at 4234.48. Second support is June's low crossing at 4126.75.  

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September T-bonds closed down 1-22/32's at 163-23. 

September T-bonds closed sharply lower on Wednesday following Tuesday's downside reversal. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought 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 162-03 would signal that a short-term top has been posted. If September resumes the rally of May's low, the 87% retracement level of the 2020-2021-decline crossing at 169-10 is the next upside target. First resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 169-10. First support is the 20-day moving average crossing at 162-03. Second support is the 50-day moving average crossing at 159-02.  

September T-notes closed down 215-pts at 134.000.

September T-notes closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 133.051 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 75% retracement level of the 2020-2021-decline crossing at 135.121 is the next upside target. First resistance is the 75% retracement level of the 2020-2021-decline crossing at 135.121. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 136.087. First support is the 20-day moving average crossing at 133.051. Second support is the 50-day moving average crossing at 132.139.  

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

September crude oil closed sharply higher on Tuesday as it consolidates some of Monday's sharp decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. 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 $72.10 would signal that a short-term low has been posted. If September extends the decline off July's high, the 25% retracement level of the 2020-2021-rally crossing at $64.67 is the next downside target. First resistance is the 20-day moving average crossing at $72.10. Second resistance is the July 12^th high  crossing at $74.90. Third resistance is July's high crossing at $76.98. First support is the 25% retracement level of the 2020-2021-rally crossing at $64.67. Second support is May's low crossing at $61.06.   

September heating oil closed sharply higher on Wednesday as it consolidated some the decline off July's high. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 $212.44 would signal that a short-term low has been posted. If September resumes Monday's decline, May's low crossing at $191.71 is the next downside target. First resistance is the 20-day moving average crossing at $212.44. Second resistance is July's high crossing at $221.01. First support is the 25% retracement level of the 2020-2021-rally crossing at $194.20. Second support is May's low crossing at $191.71.    

September unleaded gas closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $2.2270 would signal that a short-term low has been posted. If September resumes this week's decline, May's low crossing at $1.9926 is the next downside target. First resistance is the 20-day moving average crossing at $2.2270. Second resistance is July's high crossing at $2.3123. First support is Tuesday's low crossing at $2.0571. Second support is May's low crossing at 1.9926.  

September Henry natural gas closed higher on Wednesday as it extended the rally off last-December's low. 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 becoming 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, the December-2016 on the monthly continuation chart crossing at 3.994 is the next upside target. Closes below the 20-day moving average crossing at 3.635 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.943. Second resistance is the December-2016 high on the monthly continuation chart crossing at 3.994. First support is the 20-day moving average crossing at 3.635. Second support is the July 7^th low crossing at 3.495.  

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

The September Dollar posted a key reversal down and closed lower on Wednesday as it consolidated some of the rally off May's low The low-range close sets the stage for a steady to lower opening when Thursday'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 92.42 would signal that a short-term top has been posted. If September extends the rally off May's low, March's high crossing at 93.43 is the next upside target. First resistance is today's high crossing at 93.20. Second resistance is March's high crossing at 93.43. First support is the 20-day moving average crossing 92.42. Second support is the July 6^th low crossing at 92.00.  

The September Euro closed higher on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 118.64 would signal that a short-term low has been posted. If September extends the decline off May's high, March's low crossing at 117.47 is the next downside target. First resistance is the 20-day moving average crossing at 118.64. Second resistance is the June 26^th high crossing at 119.95. First support is today's low crossing at 117.64. Second support is March's low crossing at 117.47.

The September British Pound closed sharply higher on Wednesday as it consolidated some of the decline off June's high. 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 oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3814 would signal that a short-term low has been posted. If September extends the decline off June's high, the 38% retracement level of the 2020-2021-rally crossing at 1.3223 is the next downside target. First resistance is last-Monday's high crossing at 1.3913. Second resistance is the 50-day moving average crossing at 1.3989. First support the 25% retracement level of the 2020-2021-rally crossing at 1.3578. Second support is the 38% retracement level of the 2020-2021-rally crossing at 1.3223.

The September Swiss Franc closed 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 September renews the rally off July's low, the 50-day moving average crossing at 1.1025 is the next upside target. If September renews the decline off June's high, the 75% retracement level of the March-May-rally crossing at 1.0744 is the next downside target. First resistance is last-Thursday's high crossing at 1.0984. Second resistance is the 50-day moving average crossing at 1.1025. First support is the 75% retracement level of the March-May-rally crossing at 1.0775. Second support is the 87% retracement level of the March-May-rally crossing at 1.0701.

The September Canadian Dollar closed sharply higher on Wednesday as it consolidated some of the decline off June's high. 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 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 80.16 would signal that a short-term low has been posted. If September resumes the decline off June's high, the January 28^th low crossing at 77.72 is the next downside target. First resistance is the 20-day moving average crossing at 80.16. Second resistance is the July 6^th high crossing at 81.28. First support is the January 28^th low crossing at 77.72. Second support is the December 21^st low crossing at 77.30.

The September Japanese Yen closed lower on Wednesday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the rally off July's low, the May 25^th high crossing at 0.092170 is the next upside target. Closes below the 20-day moving average crossing at 0.090579 would signal that a short-term top has been posted. First resistance is the May 25^th high crossing at 0.092170. Second resistance is May's high crossing at 0.092295. First support is July's low crossing at 0.089605. Second support is weekly support crossing at 0.089205.

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

August gold closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 $1796.60 is the next downside target. If August resumes the rally off June's low, the 50-day moving average crossing at $1837.50 is the next upside target. First resistance is the 50-day moving average crossing at $1837.50. Second resistance is the June 11^th high crossing at $1906.20. First support is the 20-day moving average crossing at $1796.60. Second support is June's low crossing at $1750.10.  

September silver closed higher on Wednesday as it consolidated some of the decline off last-Wednesday's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, March's low crossing at 23.825 is the next downside target. Closes above last-Wednesday's high crossing at 26.575 would signal that a short-term low has been posted. First resistance is July's high crossing at 26.910. Second resistance is the 50-day moving average crossing at 26.985. First support is the April-13^th low crossing at 24.800. Second support is March's low crossing at 23.825.  

September copper closed higher on Wednesday as it extends the rebound off Monday's low.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 bearish signaling that sideways to lower prices are possible near-term. If September extends Monday's decline, June's low crossing at 409.40 is the next downside target. Closes above July's high crossing at 440.25 would signal that a short-term low has been posted. First resistance is July's high crossing at 440.25. Second resistance is the 50-day moving average crossing at 443.11. First support is June's low crossing at 409.40. Second support is the April 12^th low crossing at 400.00. 

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

December Corn closed up $0.02 3/4-cents at $5.68 1/2. 

December corn closed higher on Wednesday as it extends the rally off July's low. Today's mid-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 6th gap crossing at $5.73 1/2 would open the door for a possible test of July's high crossing at $6.11 1/4. Closes below the 10-day moving average crossing at $5.46 3/4 would temper the near-term friendly outlook. First resistance is the July 6th gap crossing at $5.73 1/2. Second resistance is July's high crossing at $6.11 1/4. First support is July's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.   

September wheat closed up $0.10 1/4-cents at $7.10 3/4.  

September wheat closed higher on Wednesday as it extended the rally off July's low.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 75% retracement level of the May-July-decline crossing at $7.28 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.56 3/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $7.18. Second resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. First support is the 50-day moving average crossing at $6.72 1/4. Second support is the 20-day moving average crossing at $6.56 3/4.

September Kansas City Wheat closed up $0.08 1/2-cents at $6.68 3/4.

September Kansas City wheat closed higher on Wednesday as it extended the rally off July's low. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.24 1/2 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $6.74 1/4. Second resistance is the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. First support is the 50-day moving average crossing at $6.32 1/4. Second support is the 20-day moving average crossing at $6.24 1/2.  

September Minneapolis wheat closed down $0.17 1/4-cents at $8.87 1/4. 

September Minneapolis wheat closed lower on Wednesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.47 1/2 would confirm that a short-term top has been posted. If September extends the rally off June's low, the September-2011 high on the monthly continuation chart crossing at $9.83 1/2 is the next upside target. First resistance is Monday's high crossing at $9.44 1/2. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.83 1/4. First support is the 10-day moving average crossing at $8.75 3/4. Second support is the 20-day moving average crossing at $8.47 1/2. 

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

November soybeans closed up $0.01 1/4-cents at $13.89 1/2.

November soybeans posted an inside day with a higher close 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 on Wednesday. If November extends the rally off June's low, July's high crossing at $14.23 is the next upside target. Closes below the 20-day moving average crossing at $13.48 1/4 would confirm that a short-term top has been posted. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is the 20-day moving average crossing at $13.48 1/4. Second support is July's low crossing at $13.00 1/2.

December soybean meal closed up $4.30 to $374.00. 

December soybean meal closed 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 December extends the rally off last-Tuesday's low, the 50-day moving average crossing at $381.50 is the next upside target. If December renews the decline off July's high, June's low crossing at $347.00 is the next downside target. First resistance is the 50-day moving average crossing at $381.50. Second resistance is July's high crossing at $392.70. First support is July's low crossing at $355.20. Second support is June's low crossing at $347.00.       

December soybean oil closed down 115-pts. at 62.78. 

December soybean oil closed lower on Wednesday confirming Monday's key reversal down. The low-range close sets the stage for a steady to lower opening when Thursday'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 July 7^th low crossing at 58.03 would confirm that a short-term top has been posted. If December renews the rally off June's low, June's high crossing at 67.06 is the next upside target. First resistance is Monday's high crossing at 66.34. Second resistance is June's high crossing at 67.06. First support is the July 7^th low crossing at 58.03. is the June 25^th low crossing at 56.66.      

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

August hogs closed up $1.55 at $106.55. 

August hogs closed higher on Wednesday as it extended the trading range of the past six-days. 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 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 50-day moving average crossing at $108.28 is the next upside target. Closes below the 20-day moving average crossing at $102.76 would signal that a short-term top has been posted. If August renews the decline off June's high, the 50% retracement level of the 2020-2021-rally crossing at $95.71 is the next downside target. First resistance is last-Wednesday's high crossing at $106.80. Second resistance is the 50-day moving average crossing at $108.28. First support is June's low crossing at $96.50. Second support is the 50% retracement level of the 2020-2021-rally crossing at $95.71.  

August cattle closed up $0.28 at $120.05. 

August cattle closed higher on Wednesday. The mid-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 August renews the decline off June's high, the June 8^th low crossing at $117.23 is the next downside target. Closes above last-Wednesday's high crossing at $122.60 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $122.60. Second resistance is July's high crossing at $124.33. First support is the July 9^th low crossing at $118.85. Second support is the June 8^th low at $117.23. Third support is June's low crossing at $114.63. 

August Feeder cattle closed up $1.25 at $156.78. 

August feeder cattle closed higher 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $154.54 would open the door for a test of the June 14^th gap crossing at $151.90. If August renews the rally off May's low, April's high crossing at $162.40 is the next upside target. First resistance is July's high crossing at $161.10. Second resistance is April's high crossing at $162.40. First support is the 50-day moving average crossing at $154.54. Second support is the June 14^th gap crossing at $151.90.  

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

September coffee closed sharply higher for the second day in a row on Wednesday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, monthly resistance on the continuation chart crossing at $197.93 is the next upside target. Closes below the 50-day moving average crossing at $156.08 would signal that a short-term top has been posted.              

September cocoa closed higher on Wednesday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher 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 September extends this month's decline, the  87% retracement level of 2020's rally crossing at 22.03 is the next downside target. Multiple closes above the 20-day moving average crossing at 23.42 would signal that a short-term low has been posted.                     

October sugar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 last-week's low, July's high crossing at 18.49 is the next upside target. If October renews the decline off July's high, June's low crossing at 16.44 the next downside target.       

December cotton posted an inside day with a higher closed 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 December extends Monday's decline, the 50-day moving average crossing at 85.83 is the next downside target. If December renews the rally off May's low, weekly resistance on the continuation chart crossing at 91.66 is the next upside target.