KEY EVENTS TO WATCH FOR:

Friday, August 6, 2021 

8:30 AM ET. July U.S. Employment Report

                       Non-Farm Payrolls (previous +850K)

                       Unemployment Rate (previous 5.9%)

                       Avg Hourly Earnings (USD) (previous 30.4)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.1)

                       Avg Hourly Earnings, M/M% (previous +0.33%)

                       Avg Hourly Earnings, Y/Y% (previous +3.58%)

                       Overall Workweek (previous 34.7)

                       Overall Workweek Net Chg (previous -0.1)

                       Government Payrolls (previous +188K)

                       Private Payroll (previous +662K)

                       Participation Rate (previous 61.6%)

                       Non-Farm Payrolls Bench Net Chg

10:00 AM ET. June Monthly Wholesale Trade

                       Inventories, M/M% (previous +1.3%)

3:00 PM ET. June Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +35.3B)

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

The Dow closed higher on Thursday after U.S. jobless claims fall to 385,000 as unemployment declined despite the rise of the delta variant of Covid. The high-range close sets the stage for a steady to higher opening when Friday'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. Multiple closes above May's high crossing at 35,091.56 would mark a potential upside breakout of a three-month old trading range while opening the door for additional gains near-term. Closes below the 50-day moving average crossing at 34,563.83 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at 33,741.76. First resistance is Monday's high crossing at 35,192.11. Second resistance is unknown. First support is the 50-day moving average crossing at 34,563.83. Second support is July's low crossing at 33,741.76. 

The September NASDAQ 100 closed higher on Thursday and into a new high as it renewed the rally off March's low.The high-range close sets the stage for a steady to higher opening when Friday'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 year's rally into uncharted territory, upside targets will be hard to project. Closes below the July 27^th low crossing at 14,774.25 would confirm that a short-term top has been posted. First resistance is today's high crossing at 15,166.50. Second resistance is unknown. First support is the July 27^th low crossing at 14,744.25. Second support is the 50-day moving average crossing at 14,441.22. 

The September S&P 500 closed higher on Thursday as it extended the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 renews this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4292.94 would confirm that a short-term top has been posted while opening the door for a possible test of July's low crossing at 4224.00. First resistance is July's high crossing at 4422.50. Second resistance is unknown. First support is the 20-day moving average crossing at 4371.05. Second support is the 50-day moving average crossing at 4292.94.  

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

September T-bonds closed down 18/32's at 165-20. 

September T-bonds posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. 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 164-11 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 164-11. Second support is the 50-day moving average crossing at 161-06.  

September T-notes closed down 115-pts at 134.145.

September T-notes closed lower on Thursday following Wednesday's key reversal down thereby increasing the odds that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 134.058 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 87% retracement level of the 2020-2021-decline crossing at 136.087 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 July 22^nd low crossing at 133.275. Second support is the 50-day moving average crossing at 133.029.  

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

September crude oil closed higher on Thursday ending a three-day decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 25% retracement level of the 2020-2021-rally crossing at $64.67 is the next downside target. Closes above the 10-day moving average crossing at $71.46 would signal that a short-term low has been posted. First resistance is the July 30^th high crossing at $74.23. Second resistance is July's high crossing at $76.98. First support is today's low crossing at $67.61. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.

September heating oil closed higher on Thursday as it consolidated some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, July's low crossing at $196.41 is the next downside target. Closes above the 10-day moving average crossing at $214.18 would signal that a short-term low has been posted. First resistance is July's high crossing at $221.20. Second resistance is the October-2018 high crossing at $227.43. First support is today's low crossing at $206.00. Second support is July's low crossing at $202.09.     

September unleaded gas closed higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at $2.2148 would signal that a short-term top has been posted. If September renews the rally off July's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3883 is the next upside target. First resistance is July's high crossing at $2.3448. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3883. First support is the 50-day moving average crossing at $2.2148. Second support is July's low crossing at $2.0571.    

September Henry natural gas closed lower on Thursday as it consolidated some of the rally off last-December's low. The low-range close sets the stage for a steady to lower opening when Friday'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 last-December's low, the November-2014 high on the monthly continuation chart crossing at 4.544 is the next upside target. Closes below the 20-day moving average crossing at 3.888 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.205. 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 3.888. Second support is the July 16^th low crossing at 3.572.  

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

The September Dollar closed slightly lower on Thursday as it consolidated some of Wednesday's rally. The mid-range close sets the stage for a steady to lower opening when Friday'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 92.47 would signal that a short-term low has been posted. If September renews the decline off July's high, the 50-day moving average crossing at 91.74 is the next downside target. First resistance is the 20-day moving average crossing at 92.47. Second resistance is July's high crossing at 93.20. First support is last-Friday's low crossing at 91.78. Second support is the 50-day moving average crossing at 91.74. 

The September Euro closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, March's low crossing at 117.47 is the next downside target. If September extends the rally off July's low, the 50-day moving average crossing at 119.60 is the next upside target. First resistance is last-Friday's high crossing at 119.19. Second resistance is the 50-day moving average crossing at 119.60. First support is July's low crossing at 117.64. Second support is March's low crossing at 117.47.

The September British Pound closed higher on Thursday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Friday'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 July's low, the June 16^th high crossing at 1.4135 is the next upside target. Closes below the 20-day moving average crossing at 1.3833 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.3985. Second resistance is the June 16^th high crossing at 1.4135. First support is the 20-day moving average crossing at 1.3833. Second support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578.  

The September Swiss Franc closed slightly lower on Thursday following yesterday's key reversal signaling that a short-term top has likely been posted.The mid-range close sets the stage for a steady to lower opening when Friday'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 July's low, the 75% retracement level of the June-July-decline crossing at 1.1125 is the next upside target. Closes below the 20-day moving average crossing at 1.0960 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.1100. Second resistance is the 75% retracement level of the June-July-decline crossing at 1.1125. First support is the 10-day moving average crossing at 1.1007. Second support is the 20-day moving average crossing at 1.0960.

The September Canadian Dollar closed higher on Thursday ending a four-day decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.68 would signal that a short-term top has been posted. If September renews the rally off July's low, the 50-day moving average crossing at 80.86 is the next upside target. First resistance is last-Friday's high crossing at 80.50. Second resistance is the 50-day moving average crossing at 80.86. First support is the 20-day moving average crossing at 79.68. Second support is July's low crossing at 78.08. 

The September Japanese Yen closed lower on Thursday following Wednesday's key reversal down thereby increasing the odds that the rally off July's low may have come to an end. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July 14^th low crossing at 0.090375 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at 0.089605. If September extends 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 the July 14^th low crossing at 0.090375. Second support is July's low crossing at 0.089605.  

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

December gold closed lower on Thursday while extending the July-August trading range. The mid-range close sets the stage for a steady to lower opening when Friday'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 23^rd low crossing at $1793.10 would signal that a downside breakout of the aforementioned trading range has been posted. Closes above July's high crossing at $1839.00 or below the July 23^rd low crossing at $1793.10 are needed to confirm a breakout of the aforementioned trading range an point the direction of the next trending move. First resistance is July's high crossing at $1839.00. Second resistance is the 62% retracement level of the June-decline crossing at $1857.90. First support is the July 23^rd low crossing at $1793.10. Second support is June's low crossing at $1754.50.  

September silver closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 renews the decline off May's high, March's low crossing at 23.825 is the next downside target. Closes above the 20-day moving average crossing at 25.553 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 25.553. Second resistance is the 50-day moving average crossing at 26.440. First support is July's low crossing at 24.515. Second support is March's low crossing at 23.825.  

September copper closed slightly higher on Thursday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, July's low crossing at 416.65 is the next downside target. Closes above the 10-day moving average crossing at 445.16 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 445.16. Second resistance is July's high crossing at 462.75. First support is today's low crossing at 430.55. Second support is July's low crossing at 416.65.

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

December Corn closed up $0.06 1/4-cents at $5.53. 

December corn closed lower on Tuesday as it extends the trading range of the past two-weeks. Today's mid-range close sets the stage for a steady to higher opening when Friday'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 26^th low crossing at $5.32 1/4 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of July's low crossing at $5.07. 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. 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 the July 26th low crossing at $5.32 1/4. Second support is July's low crossing at $5.07.    

September wheat closed down $0.04 1/2-cents at $7.12 3/4.  

September wheat closed lower on Thursday following yesterday's key reversal down signaling that a short-term top has likely been posted.The low-range close sets the stage for a steady to lower opening when Friday'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 $6.86 1/4 would signal that a short-term top has been posted. If September extends the rally off July's low, the 87% retracement level of the May-July-decline crossing at $7.47 1/4 is the next upside target. First resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. Second resistance is the 87% retracement level of the May-July-decline crossing at $7.47 1/4. First support is the 10-day moving average crossing at $7.01 3/4. Second support is the 20-day moving average crossing at $6.86 1/4.

September Kansas City Wheat closed down $0.02 3/4-cents at $6.91 1/2.

September Kansas City wheat closed lower on Thursday following yesterday's key reversal down signaling that a short-term top has likely been posted. The mid-range close sets the stage for a steady to lower opening when Friday'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 $6.55 1/4 would signal that a short-term top has been posted. If September extends the rally off July's low, the 87% retracement level of the May-July-decline crossing at $7.23 3/4 is the next upside target. First resistance is Wednesday's high crossing at $7.19. Second resistance is the 87% retracement level of the May-July-decline crossing at $7.23 3/4. First support is the 10-day moving average crossing at $6.73. Second support is the 20-day moving average crossing at $6.55 1/4.  

September Minneapolis wheat closed up $0.00 3/4-cents at $9.03 3/4. 

September Minneapolis wheat closed fractionally higher on Thursday as it extends the trading range of the past five-days. The mid-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. Closes below the July 26^th low crossing at $8.70 would confirm 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 July'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 July 26^th low crossing at $8.70. Second support is the 50-day moving average crossing at $8.28 1/4. 

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

November soybeans closed up $0.02 3/4-cents at $13.28 1/2.

November soybeans closed higher on Thursday as it consolidated some of Tuesday's decline. The mid-range close sets the stage for a steady to higher opening when Friday'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 November extends the decline off the July 19th high, July's low crossing at $13.00 1/2 is the next downside target. Closes above the 50-day moving average crossing at $13.62 would signal that a short-term low has been posted. First resistance is the July 19^th high crossing at $14.18. Second resistance is July's high crossing at $14.23. 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 up $3.30 to $357.30. 

December soybean meal closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 December extends the decline off July's high, June's low crossing at $347.00 is the next downside target. Closes above the 20-day moving average crossing at $361.00 would signal that a double bottom with June's low has been posted. First resistance is the 20-day moving average crossing at $361.00. Second resistance is the 50-day moving average crossing at $372.00. First support is Wednesday's low crossing at $348.60. Second support is June's low crossing at $347.00.       

December soybean oil closed down 68-pts. at 60.86. 

December soybean oil closed lower on Thursday as it extended the decline off July's high. The low-range close sets the stage for a steady to lower opening when Friday'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 December extends the decline off July's high, July's low crossing at 58.67 is the next downside target. Closes above the 20-day moving average crossing at 64.22 would signal that a short-term low has been posted. First resistance is the July 29^th high crossing at 66.55. Second resistance is July's high crossing at 66.34. First support is July's low crossing at 58.67. Second support is the June 25^th low crossing at $57.39. 

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

October hogs closed down $3.00 at $87.13. 

October hogs closed limit down on Thursday as it renewed the decline off July's high high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, July's low crossing at $83.13 is the next downside target. Closes above Wednesday's high crossing at $91.72 would confirm that a short-term low has been posted. First resistance is July's high crossing at $94.05. Second resistance is June's high crossing at $97.98. First support is today's low crossing at $87.13. Second support is July's low crossing at $83.13. 

October cattle closed down $1.40 at $127.58. 

October cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower 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 the July 19^th low, June's high crossing at $130.48 is the next upside target. Closes below the 50-day moving average crossing at $126.59 would signal that a short-term top has been posted. First resistance is July's high crossing at $129.93. Second resistance is June's high crossing at $130.48. First support is the 50-day moving average crossing at $126.59. Second support is the July 19^th low crossing at $124.05.  

September Feeder cattle closed down $1.73 at $161.15. 

September feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renewed the decline off July's high, the 50-day moving average crossing at $158.65 is the next downside target. If September renewed the rally off May's low, the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84 is the next upside target. First resistance is July's high crossing at $165.53. Second resistance is the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84. First support is the 50-day moving average crossing at $158.65. Second support is the July 19^th low crossing at $156.58.   

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

September coffee closed higher on Thursday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at $164.27 is the next downside target. Closes above the 10-day moving average crossing at $187.52 would signal that a short-term low has been posted. 

September cocoa closed higher on Thursday. The mid-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 September extends the rally off July's low, June's high crossing at 25.05 is the next upside target. Closes below the 20-day moving average crossing at 23.63 would signal that a short-term top has been posted.                         

October sugar closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 July's low, the 38% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 19.47 is the next upside target. Closes below the 50-day moving average crossing at 17.57 would signal that a short-term top has been posted.        

December cotton closed higher on Thursday. 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 December extends the rally off May's low, weekly resistance on the continuation chart crossing at 91.66 is the next upside target. Closes below the 50-day moving average crossing at 87.33 would signal that a short-term top has been posted.