KEY EVENTS TO WATCH FOR:

Monday, July 16, 2018 

8:30 AM ET. June Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0.8%)

                       Sales, Ex-Auto, M/M% (previous +0.9%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.8%)

8:30 AM ET. July Empire State Manufacturing Survey

                       Mfg Idx (previous 25.0)

                       Employment Idx (previous 19.0)

                       New Orders Idx (previous 21.3)

                       Prices Received (previous 23.3)

9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting

10:00 AM ET. May Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.3%)

10:00 AM ET. IMF World Economic Outlook Update

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

The September NASDAQ 100 closed higher on Friday as it extends the index into record territory.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7197.60 would confirm that a short-term top has been posted. First resistance is the today's high crossing at 7414.25. Second resistance is unknown. First support is the 50-day moving average crossing at 7092.59. Second resistance is June's low crossing at 6956.00. 

The September S&P 500 closed higher on Friday. 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 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 2740.91 would temper the near-term friendly outlook. First resistance is today's high crossing at 2807.00. Second resistance is the 75% retracement level of the January-April-decline crossing at 2809.03. First support is the 50-day moving average crossing at 2740.91. Second support is June's low crossing at 2694.50.  

The Dow closed higher on Friday as it extends the rally off June's low.Investors are looking to the earnings season, which will pick up steam over the coming weeks, to provide clarity on whether corporate fundamentals are strong enough to offset the uncertainty surrounding trade policy and other potential headwinds. 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 the Dow extends the rally off June's low, June's high crossing at 25,402.83 is the next upside target. Closes below the 20-day moving average crossing at 24,563.38 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,043.21. 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.      

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September T-bonds closed up 14/32's at 145-23.

September T-bonds closed higher on Friday.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. 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. Closes below the 20-day moving average crossing at 144-24 are needed to confirm that a short-term top has been posted. 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 144-24. Second support is the 50-day moving average crossing at 143-11.       

September T-notes closed up 70-points at 120-120.

September T-notes closed higher on Friday. 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. If September extends the rally off June's low, May's high crossing at 121.020 is the next upside target. Closes below the 20-day moving average crossing at 120.020 are needed to confirm that a short-term top has been posted. 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 the 50-day moving average crossing at 119.180. Second support is June's low crossing at 118.295.      

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

August crude oil closed slightly higher on Friday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways prices are possible near-term. Closes below the 50-day moving average crossing at 69.34 are needed to confirm that a short-term top has been posted. If August renews this month's rally, the 75% retracement level of the 2014-2016-decline crossing at 77.08 is the next upside target. 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 50-day moving average crossing at 69.34. Second support is the reaction low crossing at 67.72. 

August heating oil closed slightly higher on Friday as it consolidates some of Wednesday's loss but remains below the 20-day moving average crossing at 214.64 confirming that a short-term top 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 bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, June's low crossing at 206.89 is the next downside target. If August renews the rally off June's low, May's high crossing at 229.60 is the next upside target. First resistance is Tuesday'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 Friday. 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. If August extends this week's decline, the 62% retracement level of the February-May-rally crossing at 198.78 is the next downside target. Closes above the 50-day moving average crossing at 212.31 are needed to confirm that a short-term low 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 Friday as it extends the decline off June'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 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 2.895 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.895. Second resistance is June's high crossing at 3.043. First support is today's low crossing at 2.750. Second support is May's low crossing at 2.727. 

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

The September Dollar closed 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 bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, June's high crossing at 95.26 is the next upside target. Closes below the 50-day moving average crossing at 93.65 would confirm that a short-term top has been posted while opening the door for a possible test of June's low crossing at 92.76. 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 93.65. Second support is June's low crossing at 92.76.    

The September Euro closed higher on Friday. 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. If September extends this week's decline, June's low crossing at 115.82 is the next downside target. If September renews the rally off June's low, June's high crossing at 119.40 is the next upside target. First resistance is the 50-day moving average crossing at 118.19. 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 closed slightly higher on Friday. 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 higher prices are possible near-term. If September resumes the decline off April's high, weekly support crossing at 1.3048 is the next downside target. Closes above the 50-day moving average crossing at 1.3403 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3403. 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 closed unchanged on Friday but remains below May's low crossing at 1.0057, which marked a downside breakout of the trading range of the past two-months. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's downside breakout of the aforementioned trading range, the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880 is the next downside target. Closes above the 50-day moving average crossing at 1.0148 are needed to confirm that a short-term low has been posted. First resistance is July's high crossing at 1.0204. Second resistance is June's high crossing at 1.0302. First support is today's low crossing at 0.9984. Second support is the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880. 

The September Canadian Dollar closed higher on Friday. 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. If September extends Wednesday's decline, June's low crossing at 74.80 is the next downside target. If September resumes the rally off June's low, the 50-day moving average crossing at 76.94 is the next upside target. First resistance is the 50-day moving average crossing at 76.94. 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 higher on Friday due to short covering as it bounced off long-term support marked by last-November's low crossing at 0.8908. 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 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 December-2016 low crossing at 0.8805 is the next downside target. Closes above the 50-day moving average crossing at 0.9141 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.9035. Second resistance is the 20-day moving average crossing at 0.9081. First support is today's low crossing at 0.8915. Second support is last-November's low crossing at 0.8908.   

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 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 August extends the decline off April's high, the 75% retracement level of the 2016-2018 rally crossing at 1213.00 is the next downside target. Closes above the 20-day moving average crossing at 1259.60 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1259.60. Second resistance is the reaction high crossing at 1274.40. First support is today's low crossing at 1236.20. Second support is the 75% retracement level of the 2016-2018 rally crossing at 1213.00.

September silver closed lower on Friday as it extended the decline off June's high. The mid-range close set the stage for a steady to lower opening when Monday'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 June's high, the July-2017 low crossing at 15.625 is the next downside target. Closes above the 20-day moving average crossing at 16.194 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.194. Second resistance is the 50-day moving average crossing at 16.485. First support is today's low crossing at 15.700. Second support is the July-2017 low crossing at 15.625.        

August copper posted an inside day closed slightly lower on Friday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 62% retracement level of the 2016-2018 rally crossing at 257.85 is the next downside target. Closes above the 20-day moving average crossing at 294.12 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 284.10. Second resistance is the 20-day moving average crossing at 294.12. First support is the 50% retracement level of the 2016-2018 rally crossing at 272.10. Second support is the 62% retracement level of the 2016-2018 rally crossing at 257.85. 

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

December Corn closed down 5 1/2-cents at 3.53 3/4. 

December corn posted an inside day with a lower close on Friday as bearish weather forecast and concern over trade tariffs with China outweigh Thursday's friendly monthly supply-demand report, which slashed forecasts of corn carryout.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. Closes above the reaction high crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.68 3/4. Second resistance is the reaction high crossing at 3.80 1/2. First support is Thursday's low crossing at 3.50 1/4. Second support is psychological support crossing at 3.50.  

December wheat closed up 10 1/2-cents at 5.11 3/4. 

December wheat closed higher on Friday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 5.30 1/4 would confirm that a short-term low has been posted. If December extends the decline off May's high, January's low crossing at 4.73 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.12 1/2. Second resistance is last-Friday's high crossing at 5.30 1/4. First support is Wednesday's low crossing at 4.90. Second support is January's low crossing at 4.73 3/4.        

December Kansas City Wheat closed up 10 1/2-cents at 5.16 1/4. 

December Kansas City wheat closed higher on Friday. 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 a low might be in or is near. Multiple closes above last-Friday's high crossing at 5.33 1/2 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 last-Friday's high crossing at 5.33 1/2. Second resistance is the 50-day moving average crossing at 5.54 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 unchanged at 5.49 1/4. 

December Minneapolis wheat closed unchanged on Friday.The mid-range close sets the stage for a steady opening when Monday'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 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 5.64 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.64. Second resistance is last-Friday's high crossing at 5.76 3/4. First support is Thursday's low crossing at 5.42 1/4. Second support is monthly support crossing at 5.15 1/2.  

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

November soybeans closed down 14 3/4-cents at 8.34 1/2. 

November soybeans closed lower on Friday as it extends the decline off May'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 oversold but remain 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 8.84 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 8.84 1/4. Second resistance is the reaction high crossing at 8.97. First support is today's low crossing at 8.26 3/4. Second support is monthly support crossing at 8.25.

December soybean meal closed down $4.80 at 322.90. 

December soybean meal closed 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends 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 reaction high crossing at 341.70. First support is today's low crossing at 322.00. Second support is January's low crossing at 318.40. 

December soybean oil closed down 36-points. At 28.33. 

December soybean oil closed lower on Friday as it renewed the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, June's low crossing at 28.50 is the next downside target. Closes above the 20-day moving average crossing at 29.49 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.49. Second resistance is the 50-day moving average crossing at 30.82. First support is today's low crossing at 27.95. Second support is weekly support crossing at 26.99.

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

August hogs closed down $0.28 at $70.15. 

August hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's 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, weekly support crossing at 67.35 is the next downside target. Closes above the 50-day moving average crossing at 74.55 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 Wednesday's low crossing at 68.52. Second support is weekly support crossing at 67.35.  

October cattle closed down $0.23 at 107.38. 

October cattle posted an inside day with a lower close on Monday. The mid-range close sets the stage for a steady 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 October extends this week's decline, the reaction low crossing at 105.13 is the next downside target. Closes above the 10-day moving average crossing at 108.74 would temper the near-term bearish outlook. 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 reaction low crossing at 105.13. Second support is June's low crossing at 103.50.  

August Feeder cattle closed down $0.30 at $150.73. 

August Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's 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 at 149.67 would confirm that a short-term top has been posted. If August renews 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 20-day moving average crossing at 149.67. Second support is the 50-day moving average crossing at 146.16.    

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

September coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, monthly support crossing at 10.56 is the next downside target. Closes above the 20-day moving average crossing at 11.47 would confirm that a short-term low has been posted.    

September cocoa closed higher on Friday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are 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 25.55 is the next upside target. Closes below the reaction low crossing at 23.41 would confirm a downside breakout of the aforementioned trading range. 

October sugar closed lower on Friday as it posted a new contract low. The low-range close set the stage for a steady to lower opening on Monday. 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, weekly support crossing at 10.13 is the next downside target. Closes above the 50-day moving average crossing at 12.10 would confirm that a short-term low has been posted. 

October cotton closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends Thursday's rally, the  62% retracement level of the June-July decline crossing at 90.73 is the next upside target. Closes below the 10-day moving average crossing at 85.86 would confirm that a short-term top has been posted.