KEY EVENTS TO WATCH FOR:

Monday, July 26, 2021   

10:00 AM ET. June New Residential Sales

                       New Home Sales (previous 769K)

                       New Home Sales, M/M% (previous -5.9%)

                       New Home Sales Months Supply (previous 5.1)

10:30 AM ET. July Texas Manufacturing Outlook Survey

                       Business Activity (previous 31.1)

                       Mfg Production Idx (previous 29.4)

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

The Dow Closed higher for the fourth-day in a row on Friday as it extends the rally off Monday'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. An upside breakout above May's high crossing at 35,091.56, which marks nearly three-month old trading range would open the door for the Dow to renew its long-term uptrend. Closes below Monday's low would confirm that a short-term top has been posted while opening the door for a possible test of June's low crossing at 33,281.93. 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 sharply higher for the fourth-day in a row on Friday and has renewed the rally off March'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally into uncharted territory opens the door into uncharted territory. Closes below Monday's low crossing at 14,445.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 15,114.00. Second resistance is unknown. First support is Monday's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,141.66. 

The September S&P 500 closed higher on Friday and has renewed this year's rally into uncharted territory. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally upside targets will be hard to project. Closes below the 50-day moving average crossing at 4246.11 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 4405.50. Second resistance is unknown. First support is the 50-day moving average crossing at 4246.11. Second support is June's low crossing at 4126.75.  

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September T-bonds closed down 17/32's at 164-00. 

September T-bonds closed lower on Friday. The mid-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 20-day moving average crossing at 162-17 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 162-17. Second support is the 50-day moving average crossing at 159-15.  

September T-notes closed down 40-pts at 134.040.

September T-notes closed lower on Friday. The high-range close sets the stage for a steady to slightly lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 133.115 are needed to confirm that a short-term top has been posted. If September renews 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 133.115. Second support is the 50-day moving average crossing at 132.176.  

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

September crude oil closed slightly higher on Friday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. 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 $72.05 would signal that a short-term low has been posted. If September renews 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 $72.05. 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 slightly higher on Friday as it extended the rally off Tuesday's low and closed above the 20-day moving average crossing at $212.27 signaling 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 trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, July's high crossing at $221.01 is the next upside target. If September resumes the decline off July's high, May's low crossing at $191.71 is the next downside target. First resistance is the July 13^th high crossing at $219.01. 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 on Friday as it extended the rally off Tuesday'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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, July's high crossing at $2.3123 is the next upside target. Closes below Tuesday's low crossing at $2.0571 would confirm that a short-term top has been posted while opening the door for a possible test of May's low crossing at $1.9926. First resistance is today's high crossing at $2.2633. 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 Friday as it extended the rally off last-December'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 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 November-2014 on the monthly continuation chart crossing at 4.544 is the next upside target. Closes below the 20-day moving average crossing at 3.700 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.051. Second resistance is the November-2014 high on the monthly continuation chart crossing at 4.544. First support is the 20-day moving average crossing at 3.700. Second support is the July 7^th low crossing at 3.495.  

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

The September Dollar closed slightly 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing 92.53 would signal that a short-term top has been posted. If September renews the rally off May's low, March's high crossing at 93.43 is the next upside target. First resistance is Wednesday'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 92.53. Second support is the July 6^th low crossing at 92.00.  

The September Euro closed slightly higher on Friday. The mid-range close sets the stage for a steady to slightly higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold, diverging 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 117.47 is the next downside target. Closes above the 20-day moving average crossing at 118.47 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 118.47. Second resistance is the June 26^th high crossing at 119.95. First support is Wednesday's low crossing at 117.64. Second support is March's low crossing at 117.47.

The September British Pound posted an inside day with a lower close on Friday. The mid-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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3796 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 the July 12^th high crossing at 1.3913. Second resistance is the 50-day moving average crossing at 1.3981. 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 lower on Friday.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 neutral signaling that sideways trading is possible near-term. If September renews the rally off July's low, the 50-day moving average crossing at 1.1018 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 1.1018. 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 slightly lower on Friday as it consolidated some of the rally off Monday's low. The high-range close sets the stage for a steady to slightly lower 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 80.00 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 80.00. Second resistance is the July 14^th high crossing at 80.48. 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 Friday and below the 20-day moving average crossing at 0.090624 signaling that a short-term top has been posted. 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. If September extends today's decline, July's low crossing at 0.089605 is the next downside target. If September renews the rally off July's low, the May 25^th high crossing at 0.092170 is the next upside target. 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 Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1798.90 would signal that a short-term top has been posted while opening the door for a possible test of June's low crossing at $1750.10. If August resumes the rally off June's low, the 50-day moving average crossing at $1836.30 is the next upside target. First resistance is the 50-day moving average crossing at $1836.30. Second resistance is the June 11^th high crossing at $1906.20. First support is the 20-day moving average crossing at $1798.90. Second support is June's low crossing at $1750.10.  

September silver closed lower on Friday following a two-day bounce off Wednesday's low. 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 25.922 would signal that a short-term low has been posted. If September renews the decline off May's high, March's low crossing at 23.825 is the next downside target. First resistance is the 20-day moving average crossing at 25.922. Second resistance is the 50-day moving average crossing at 26.896. First support is Wednesday's low crossing at 24.790. Second support is March's low crossing at 23.825.  

September copper closed sharply higher on Friday and above the 50-day moving average crossing at 441.64 marking an upside breakout of the June-July trading range signaling 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 bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, the June 11^th high crossing at 460.10 is the next upside target. Closes below July's low crossing at 416.65 would signal that a short-term top has been posted. First resistance is the June's 11^th high crossing at 460.10. Second resistance is June's high crossing at 471.10. First support is July's low crossing at 416.65. Second support is June's low crossing at 409.40.

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

December Corn closed down $0.18 1/4-cents at $5.43. 

December corn closed lower on Friday as it consolidates some of the rally off July's low. Today's close below the 20-day moving average crossing at $5.50 3/4 signals that a short-term top has been posted. Stochastics and the RSI remain 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. If December extends today's decline, July's low crossing at $5.07 is the next downside target. 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 down $0.13 1/4-cents at $6.79.  

September wheat closed lower due to profit taking on Friday as it consolidated some of the rally off July's low.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 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 $6.59 1/2 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 10-day moving average crossing at $6.77 1/4. Second support is the 20-day moving average crossing at $6.59 1/2.

September Kansas City Wheat closed down $0.13 3/4-cents at $6.40.

September Kansas City wheat closed lower due to profit taking on Friday 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 Monday'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 $6.30 would signal that a short-term top has been posted. 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. 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 20-day moving average crossing at $6.30. Second support is July's low crossing at $5.78 1/4.  

September Minneapolis wheat closed down $0.20 1/2-cents at $8.83 1/2. 

September Minneapolis wheat closed lower on Friday as it extended the decline off Monday'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 20-day moving average crossing at $8.56 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes 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 20-day moving average crossing at $8.56 1/2. Second support is the 50-day moving average crossing at $7.94. 

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

November soybeans closed down $0.13 3/4-cents at $13.48 1/2.

November soybeans closed lower due to profit taking ahead of the weekend 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 to bearish signaling that sideways to lower prices are possible on Monday. Today's close below the 20-day moving average crossing at $13.54 1/4 signals that a short-term top has been posted and suggest that additional weakness is possible near-term. If November renews the rally off June's low, July's high crossing at $14.23 is the next upside target. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is the July's low crossing at $13.00 1/2. Second support is the June 25^th low crossing at $12.59 3/4.

December soybean meal closed down $10.20 to $355.80. 

December soybean meal closed sharply 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 to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, June's low crossing at $347.00 is the next downside target. If December renews the rally off July's low, the 50-day moving average crossing at $379.10 is the next upside target. First resistance is the 50-day moving average crossing at $379.10. 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 up 108-pts. at 63.04. 

December soybean oil closed higher on Friday as it consolidated some of the decline off Monday'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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 60.84 would signal 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 50-day moving average crossing at 60.84. Second support is the July 7^th low crossing at 58.03. Third support is the June 25^th low crossing at 56.66.      

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

August hogs closed up $0.48 at $107.13. 

August hogs closed higher on Friday as it extends 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 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 $108.27 is the next upside target. Closes below the 20-day moving average crossing at $103.48 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 the 50-day moving average crossing at $108.27. Second resistance is the June 17^th gap crossing at $111.70. First support is the 20-day moving average crossing at $103.48. Second support is June's low crossing at $96.50. Third support is the 50% retracement level of the 2020-2021-rally crossing at $95.71.  

August cattle closed up $0.35 at $121.15. 

August cattle closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $122.60 would signal that a short-term low has been posted. If August renews the decline off June's high, the June 8^th low crossing at $117.23 is the next downside target. 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 $1.75 at $159.95. 

August feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May's low, April's high crossing at $162.40 is the next upside target. Closes below the 50-day moving average crossing at $154.92 would open the door for a test of the June 14^th gap crossing at $151.90. 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 $154.92. Second support is the June 14^th gap crossing at $151.90.  

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

September coffee closed lower due to profit taking ahead of the weekend on Friday as it consolidated  some of the rally off July's low. 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 September extends the rally off July's low, monthly resistance on the continuation chart crossing at $219.00 is the next upside target. Closes below Thursday's gap  crossing at $177.90 would signal that a short-term top might be in or is near.              

September cocoa closed higher on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 23.38 would signal that a short-term low has been posted. If September extends this month's decline, the 87% retracement level of 2020's rally crossing at 22.03 is the next downside target.                      

October sugar closed sharply higher on Friday as it renewed the rally off July's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July'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 lower close on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off May's low, weekly resistance on the continuation chart crossing at 91.66 is the next upside target. Closes below Monday's low crossing at 86.35 would signal that a short-term top has been posted.