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 STOCK INDEXES:The September NASDAQ 100 was lower overnight after the Trump administration said it will slap tariffs on a further $200 billion in Chinese goods. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 7143.65 would confirm that a short-term top has been posted. If the NASDAQ 100 extends the rally off June's low, June's high crossing at 7358.50 is the next upside target. First resistance is June's high crossing at 7358.50. Second resistance isunknown. First support is the 20-day moving average crossing at 7185.48. Second support is the 10-day moving average crossing at 7143.65.    

The September S&P 500 was lower overnight as it consolidates some of the rally off June's low. 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 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 2734.69 would confirm that a short-term top has been posted. First resistance is June's high crossing at 2795.50. Second resistance isthe 75% retracement level of the January-April-decline crossing at 2809.03. First support is the 50-day moving average crossing at 2734.69. Second support is June's low crossing at 2694.50.       

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

INTEREST RATES: September T-bonds were higher overnight. 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 at 144-16 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September extends the rally off June's low, the 62% retracement level of the 2017-2018  decline crossing at 147-09 is the next upside target. 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 144-16. Second support is the 50-day moving average crossing at 143-07.  

September T-notes were higher overnight as it extends the trading range of the past two-weeks. 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 119.311 would confirm that a short-term top has been posted. If September renews the rally off June's low, May's high crossing at 121.030 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 121.212. First support is the 20-day moving average crossing at 119.311. Second support is June's low crossing at 118.295.    

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

ENERGY MARKETS: AugustNymex crude oil was lower overnight as it extends the trading range of the past two-weeks. 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 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 70.22 are needed to 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 70.22.    

August heating oil was lower overnight as it consolidates some of the rally off June's low. 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 224.21 is the next upside target. Closes below the 20-day moving average crossing at 215.45 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 224.21. Second resistance is May's high crossing at 229.60. First support is the 50% retracement level of the February-May-rally crossing at 205.35. Second support is the 62% retracement level of the February-May-rally crossing at 199.62.

August unleaded gas was lower overnight as it consolidates some of the rally off June's low. 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 208.45 are needed to 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 198.55. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.

August Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off June's high.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 2.911 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.866. Second resistance is the 20-day moving average crossing at 2.911. First support is the overnight low crossing at 2.780. Second support is May's low crossing at 2.727.  

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

CURRENCIES:The September Dollar was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 94.36 would confirm that a short-term low has been posted. If September resumes the decline off June's high, the 25% retracement level of the February-June-decline crossing at 93.30 is the next downside 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 93.54. Second support is the 25% retracement level of the February-June-decline crossing at 93.30.

The September Euro was lower overnight as it consolidated some of the rally off June's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 117.26 would temper the near-term friendly outlook. If September extends the rally off June's low, the reaction high crossing at 119.40 is the next upside target. First resistance is the 50-day moving average crossing at 118.34. Second resistance is the reaction high crossing at 119.40. First support is June's low crossing at 115.82. Second support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. 

The September British Pound was lower overnight.Stochastics and the RSI are turning neutral to bearish signaling that a pause in the rally off June's low is possible near-term. If September extends the rally off June's low, the 50-day moving average crossing at 1.3420 is the next upside target. Closes below the 10-day moving average crossing at 1.3245 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.3420. Second resistance is June's high crossing at 1.3533. First support is June's low crossing at 1.3095. Second support is weekly support crossing at 1.3048.  

The September Swiss Franc was lower overnight as it extends the trading range of the past two-months. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, May's low crossing at 1.0057 is the next downside target. Closes above the reaction high crossing at 1.0219 would confirm that a short-term low has been posted. First resistance is the 25% retracement level of the February-May-decline crossing at 1.0300. 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 was lower overnight. 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 75.89 would temper the near-term friendly outlook. If September extends the rally off June's low, the 50-day moving averagecrossing at 77.02 is the next upside target. First resistance is the 50-day moving average crossing at 77.02. 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 was lower overnight as it extends the decline off March's high. 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, the 87% retracement level of the October- crossing at 0.9006 is the next downside target. Closes above the 50-day moving average crossing at 0.9153 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9153. Second resistance is the reaction high crossing at 0.9220. First support is Tuesday's low crossing at 0.9021. Second support is the 87% retracement level of the October- crossing at 0.9006. 

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

PRECIOUS METALS: August gold was lower overnight. 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 1266.00 are needed to confirm that a short-term low has been posted. If August renews the decline off April's high, the 75% retracement of the 2016-2018 rally crossing at 1213.00 is the next downside target. First resistance is the 20-day moving average crossing at 1266.00. Second resistance is the 50-day moving average crossing at 1290.50. First support is the 62% retracement of the 2016-2018 rally crossing at 1242.20. Second support is the 75% retracement of the 2016-2018 rally crossing at 1213.00.

September silver was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 16.332 are needed to confirm that a short-term low has been posted. If September extends the decline off June's high, the July-2017 low crossing at 15.625 is the next downside target. First resistance is the 20-day moving average crossing at 16.332. Second resistance is the 50-day moving average crossing at 16.507. First support is last-Monday's low crossing at 15.800. Second support is the July-2017 low crossing at 15.625. 

August copper was sharply lower overnight as it extends the decline off June's high and tested the 50% retracement level of the 2017-2018 rally crossing at 272.10. The low-range trade sets the stage for a steady to lower opening when the day 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 May's high, the 62% retracement level of the 2017-2018 rally crossing at 257.85 is the next downside target. Closes above the 20-day moving average crossing at 298.82 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 288.31. Second resistance is the 20-day moving average crossing at 298.82. First support is the 50% retracement level of the 2017-2018 rally crossing at 272.10. Second support is the 62% retracement level of the 2017-2018 rally crossing at 257.85.

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

December corn was lower overnight as it extends the decline off May's high. The overnight announcement by the Trump administration to place additional tariffs on Chinese products triggered additional selling.The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. Closes above the 20-day moving average crossing at 3.72 1/4 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 3.72 1/4. Second resistance is the reaction high crossing at 3.80 1/2. First support is the overnight low crossing at 3.55 3/4. Second support is psychological support crossing at 3.50.  

December wheat was lower overnight as news of additional tariffs weighs on the market. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, last-Monday's low crossing at 4.96 is the next downside target. If December renews the rally off last-Monday's low, the 50-day moving average crossing at 5.40 is the next upside target. First resistance is last-Friday's high crossing at 5.30 1/4. Second resistance is the 50-day moving average crossing at 5.40. First support is last-Monday'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 was lower overnight as it extends this week's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. Closes above last-Friday's high crossing at 5.76 3/4 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 5.76 3/4. Second resistance is the reaction high crossing at 5.89. First support is last-Monday's low crossing at 5.43. Second support is monthly support crossing at 5.15 1/2.  

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

November soybeans was lower overnight following the announcement by the Trump administration to place additional tariffs on Chinese goods. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off May's high, monthly support crossing at 8.25 is the next downside target. Closes above the 20-day moving average crossing at 8.96 1/4 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 8.96 1/4. Second resistance is the reaction high crossing at 9.20 1/2. First support is psychological support crossing at 8.50. Second support is monthly support crossing at 8.25.

December soybean meal was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 318.40 is the next downside target. Closes above last-Friday's high crossing at 338.90 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 338.90. 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 was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends last week's decline, June's low crossing at 28.50 is the next downside target. Closes above the 20-day moving average crossing at 29.73 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.73. Second resistance is the 50-day moving average crossing at 30.93. 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.