KEY EVENTS TO WATCH FOR:

Wednesday, July 11, 2018  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 363.3)

                       Composite Idx, W/W% (previous -0.5%)

                       Purchase Idx-SA (previous 245.5)

                       Purchase Idx-SA, W/W% (previous +0.5%)

                       Refinance Idx (previous 996.0)

                       Refinance Idx, W/W% (previous -2.0%)

8:30 AM ET. June PPI

                       PPI, M/M% (expected +0.1%; previous +0.5%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.3%)

                       Personal Consumption (previous +0.5%)

10:00 AM ET. May Monthly Wholesale Trade

                       Inventories, M/M% (expected +0.4%; previous +0.1%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 417.881M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.245M)

                       Gasoline Stocks (Bbl) (previous 239.691M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.505M)

                       Distillate Stocks (Bbl) (previous 117.557M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.134M)

                       Refinery Usage (previous 97.1%)

                       Total Prod Supplied (Bbl/day) (previous 21.272M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.977M)

Thursday, July 12, 2018  

8:30 AM ET. June CPI

                       CPI, M/M% (expected +0.2%; previous +0.2%)

                       Core CPI, M/M% (expected +0.2%; previous +0.2%)

                       Energy Idx, M/M% (previous +0.9%)

                       Food Idx, M/M% (previous +0.0%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

                       CPI, Y/Y% (expected +2.9%; previous +2.8%)

                       Core Annual, Y/Y% (expected +2.3%; previous +2.2%)

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

                       Corn (Metric Tons) (previous 1142.4K)

                       Soybeans (Metric Tons) (previous 1045K)

                       Wheat (Metric Tons) (previous 300.4K)

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

                       Jobless Claims (expected 225K; previous 231K)

                       Jobless Claims, Net Chg (previous +3K)

                       Continuing Claims (previous 1739000)

                       Continuing Claims, Net Chg (previous +32K)

8:30 AM ET. June Real Earnings

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 2152B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +78B)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

12:00 PM ET. June Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, July 13, 2018  

8:30 AM ET. June Import & Export Price Indexes

                       Import Prices (expected +0.0%; previous +0.6%)

                       Non-Petroleum Prices (previous +0.1%)

                       Petroleum Prices (previous +5.9%)

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

                       Mid-Mo Sentiment (expected 98.0; previous 99.3)

                       Mid-Mo Expectations (previous 87.4)

                       Mid-Mo Current Idx (previous 117.9)

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

The September NASDAQ 100 closed lower on Tuesday as it consolidated 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, June's high crossing at 7358.50 is the next upside target. First resistance is the today's high crossing at 7335.50. Second resistance is June's high crossing at 7358.50. First support is June's low crossing at 6956.00. Second support is the reaction low crossing at 6855.50. 

The September S&P 500 closed higher on Tuesday as it extends the rally off June's low. The mid-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 aforementioned rally, the 75% retracement level of the January-April-decline crossing at 2809.03 is the next upside target. Closes below the 50-day moving average crossing at 2732.35 would temper the near-term friendly outlook. First resistance is today's high crossing at 2797.50. Second resistance is the 75% retracement level of the January-April-decline crossing at 2809.03. First support is June's low crossing at 2694.50. Second support is the reaction low crossing at 2681.00. 

The Dow closed higher on Tuesday but off their highest levels in afternoon trading due to a slump in financials, ahead of bank earnings on Friday. An early advance for the main benchmarks had been supported by strong economic data that have thus offset fears over global trade disputes.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. If the Dow extends the rally off June's low, June's high crossing at 25,402.83 is the next upside target. First resistance is today's high crossing at 24,945.38. Second resistance is June's high crossing at 25,402.83. First support is June's low crossing at 23,997.21. Second support is May's low crossing at 23,531.31.      

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

September T-bonds closed down 2/32's at 145-03.

September T-bonds 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 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 144-12 are needed to confirm that a short-term top has been posted. 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. First resistance is last Friday'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 144-12. Second support is the 50-day moving average crossing at 143-05.       

September T-notes closed down 20-points at 120-020.

September T-notes 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 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 119.296 are needed to confirm that a short-term top has been posted. If September extends the rally off June's low, May's high crossing at 121.020 is the next upside target. 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.     

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

August crude oil closed slightly higher on Tuesday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady opening when Wednesday'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 69.83 would confirm that a short-term top has been posted. First resistance is last 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 reaction low crossing at 72.14. Second support is the 20-day moving average crossing at 69.83. 

August heating oil closed higher on Tuesday renewing the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, May's high crossing at 229.60 is the next upside target. Closes below the 20-day moving average crossing at 215.22 would temper the near-term friendly outlook. First resistance is today's high crossing at 223.32. 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 higher on Tuesday. The mid-range close sets the stage for a steady 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 June's low the reaction high crossing at 219.04 is the next upside target. Closes below the 20-day moving average crossing at 208.12 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 closed lower on Tuesday as it extends the decline off June's high. 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 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 2.918 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.918. Second resistance is June's high crossing at 3.043. First support is today's low crossing at 2.784. Second support is May's low crossing at 2.727.  

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

The September Dollar closed slightly higher 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 93.50 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 93.50. Second support is June's low crossing at 92.76.    

The September Euro closed slightly lower 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 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, June's high crossing at 119.40 is the next upside target. 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 118.43. 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 posted an inside day with a slightly higher on Tuesday. 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 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 1.3431. First support is June's low crossing at 1.3095. Second support is weekly support crossing at 1.3048. 

The September Swiss Franc closed slightly lower on Tuesday while extending the trading range of the past two-months. 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. 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 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 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 50-day moving average crossing at 77.06 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 77.06. 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 lower on Tuesday as it extends the decline off March's high. 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 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. Closes above the 50-day moving average crossing at 0.9156 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9156. Second resistance is May's high crossing at 0.9320. First support is today's low crossing at 0.9020. Second support is the 87% retracement level of the October-March-rally crossing at 0.9006.   

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

August gold closed lower on Tuesday. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1268.50 are needed to confirm that a short-term low has been posted. If August renews 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 1268.50. 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 lower on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 16.382 would confirm that a short-term low has been posted. If September renews the decline off June's high, the July-2017 low crossing at 15.625 is the next downside target. First resistance is the 20-day moving average crossing at 16.382. Second resistance is the 50-day moving average crossing at 16.517. First support is last-Monday's low crossing at 15.800. Second support is the July-2017 low crossing at 15.625.        

August copper 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 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 301.32 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 290.86. Second resistance is the 20-day moving average crossing at 301.32. First support is last-Friday's low crossing at 277.90. Second support isthe 50% retracement level of the 2016-2018 rally crossing at 272.10.  

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

December Corn closed down 6 3/4-cents at 3.60 1/4. 

December corn closed lower on Tuesday as it extends the decline off May's high.Selling continues despite more signs of strong export demand boosted by lower production around the word. Export inspections last week rose to 57 million bushels, above the rate needed for the rest of the marketing year to reach USDA’s forecast for the 2017 crop. The mid-range close sets the stage for a steady opening when Tuesday'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 reaction high crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. If December renews 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 3.74 1/4. Second resistance is the reaction high crossing at 3.80 1/2. First support is today's low crossing at 3.57. Second support is psychological support crossing at 3.50.  

December wheat closed down 15 1/4-cents at 5.09 3/4. 

December wheat closed sharply lower on Tuesday due to harvest related pressure. 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 December renews the decline off May's high, January's low crossing at 4.73 3/4 is the next downside target. If December extends the rally off July's low, the 50-day moving average crossing at 5.41 is the next upside target. First resistance is the 50-day moving average crossing at 5.41. Second resistance is June's high crossing at 5.75 1/2. First support is July's low crossing at 4.96. Second support is January's low crossing at 4.73 3/4.        

December Kansas City Wheat closed down 10 1/2-cents at 5.18 1/4. 

December Kansas City wheat closed lower on Tuesday as it consolidated some of the rally off last-Monday's low. The mid-range close sets 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. Multiple closes above the 20-day moving average crossing at 5.28 1/4 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 5.28 1/4. Second resistance is the 50-day moving average crossing at 5.59 1/2. First support is last-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 down 10-cents at 5.54 3/4. 

December Minneapolis wheat closed lower on Tuesday 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 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 December resumes the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.73 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.73 1/2. Second resistance is the reaction high crossing at 5.89. First support is July'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 unchanged at 8.72. 

November soybeans closed unchanged on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 9.02 1/4 are needed to confirm that a low has been posted. If November renews 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 9.02 1/4. Second resistance is the 38% retracement level of the May-July-decline crossing at 9.32 1/2. First support is last Friday's low crossing at 8.53 1/4. Second support is monthly support crossing at 8.25.

December soybean meal closed up $3.00 at 330.80. 

December soybean meal 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 336.50 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 336.50. Second resistance is the 38% retracement level of the May-July-decline crossing at 349.60. First support is last-Friday's low crossing at 323.20. Second support is January's low crossing at 318.40. 

December soybean oil closed up 16-points. At 29.42. 

December soybean oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 29.83 are needed to confirm that a short-term low has been posted. If December resumes 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 29.83. Second resistance is the 50-day moving average crossing at 30.98. 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 $3.00 at $69.77. 

August hogs closed limit down on Tuesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, weekly support crossing at 67.35 is the next downside target. Closes above the 50-day moving average crossing at 76.33 would confirm that a short-term low has been posted. First resistance is July's high crossing at 77.18. Second resistance is June's high crossing at 80.00. First support is today's low crossing at 69.77. Second support is weekly support crossing at 67.35.  

October cattle closed down $0.80 at 107.82. 

October cattle closed lower on Tuesday and below the 20-day moving average crossing at 108.08 confirming that a short-term top has been posted. 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 October renews 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 50-day moving average crossing at 106.89. Second support is the reaction low crossing at 105.12.  

August Feeder cattle closed up $0.40 at $151.85. 

August Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 148.87 would confirm that a short-term top has been posted. If August extends the rally off May's low, is February's high crossing at 155.98 is the next upside target. 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 150.28. Second support is the 20-day moving average crossing at 148.87.    

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

September coffee closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 11.58 would confirm that a short-term low has been posted. If September resumes the decline off June's high, monthly support crossing at 10.56 is the next downside target.   

September cocoa closed higher on Tuesday. The higher-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. September extends the rally off June's low, the 50-day moving average crossing at 25.85 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. If 

October sugar closed slightly higher on Tuesday. The mid-range close set the stage for a steady opening on Wednesday. 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 50-day moving average crossing at 12.15 would confirm that a short-term low has been posted. 

October cotton closed higher on Tuesday and above the 20-day moving average crossing at 87.05 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. If October renews the decline off June's high, May's low crossing at 80.88 is the next downside target.