KEY EVENTS TO WATCH FOR:
Tuesday, July 17, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.7%)
Chain Store Sales, M/M% (previous +3.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.2%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.3%)
Latest Wk, Y/Y% (previous +5.2%)
9:15 AM ET. June Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.5%; previous -0.1%)
Capacity Utilization % (expected 78.2%; previous 77.9%)
Capacity Utilization, Net Chg (Pts) (previous -0.2)
10:00 AM ET. July NAHB Housing Market Index
Housing Mkt Idx (expected 69; previous 68)
4:00 PM ET. May Treasury International Capital Data
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -6.8M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.6M)
Distillate Stocks, Net Chg (Bbls) (previous +1.95M)
Wednesday, July 18, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 372.6)
Composite Idx, W/W% (previous +2.5%)
Purchase Idx-SA (previous 261.5)
Purchase Idx-SA, W/W% (previous +6.5%)
Refinance Idx (previous 958.5)
Refinance Idx, W/W% (previous -3.8%)
8:30 AM ET. June New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.32M; previous 1.350M)
Housing Starts, M/M% (expected -2.2%; previous +5.0%)
Building Permits (expected 1.31M; previous 1.301M)
Building Permits, M/M% (expected +0.7%; previous -4.6%)
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 405.248M)
Crude Oil Stocks, Net Chg (Bbl) (previous -12.633M)
Gasoline Stocks (Bbl) (previous 238.997M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.694M)
Distillate Stocks (Bbl) (previous 121.682M)
Distillate Stocks, Net Chg (Bbl) (previous +4.125M)
Refinery Usage (previous 96.7%)
Total Prod Supplied (Bbl/day) (previous 19.908M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.364M)
2:00 PM ET. U.S. Federal Reserve Beige Book
N/A IMF G20 surveillance note
Thursday, July 19, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 530.1K)
Soybeans (Metric Tons) (previous 429.4K)
Wheat (Metric Tons) (previous 136.4K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 220K; previous 214K)
Jobless Claims, Net Chg (previous -18K)
Continuing Claims (previous 1739000)
Continuing Claims, Net Chg (previous -3K)
8:30 AM ET. July Philadelphia Fed Business Outlook Survey
Business Activity (expected 21.5; previous 19.9)
Prices Paid (previous 51.8)
Employment (previous 30.4)
New Orders (previous 17.9)
Prices Received (previous 33.2)
Delivery Times (previous 9.6)
Inventories (previous 10.2)
Shipments (previous 28.7)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. June Leading Indicators
Leading Index, M/M% (expected +0.4%; previous +0.2%)
Leading Index (previous 109.5)
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous +0.5%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2203B)
Working Gas In Storage, Net Chg (Cbf) (previous +51B)
2:00 PM ET. SEC Closed Meeting
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 20, 2018
10:00 AM ET. June Regional & State Employment & Unemployment
Monday, July 23, 2018
8:30 AM ET. June CFNAI Chicago Fed National Activity Index
NAI (previous -0.15)
NAI, 3-mo Moving Avg (previous 0.18)
10:00 AM ET. June Existing Home Sales
Existing Sales (previous 5.43M)
Existing Sales, M/M% (previous -0.4%)
Unsold Homes Month's Supply (previous 4.1)
Median Price (USD) (previous 264800)
Median Home Price, Y/Y% (previous +4.9%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 closed lower on Monday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 7202.63 would confirm that a short-term top has been posted. First resistance is the last Friday's high crossing at 7414.25. Second resistance is unknown. First support is the 50-day moving average crossing at 7106.34. Second resistance is June's low crossing at 6956.00.
The September S&P 500 closed lower due to profit taking on Monday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 87% retracement level of the January-April-decline crossing at 2846.31 is the next upside target. Closes below the 50-day moving average crossing at 2744.10 would temper the near-term friendly outlook. First resistance is today's high crossing at 2808.00. Second resistance is the 87% retracement level of the January-April-decline crossing at 2846.31. First support is the 50-day moving average crossing at 2744.10. Second support is June's low crossing at 2694.50.
The Dow posted an inside day with a slightly lower close on Monday as it consolidates some of the rally off June's low.The mid-range close sets the stage for a steady opening when Tuesday'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 24,559.12 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,051.74. 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 down 16/32's at 145-06.
September T-bonds closed lower on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday'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 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 144-26 are needed to confirm that a short-term top has been posted. First resistance is July'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 144-26. Second support is the 50-day moving average crossing at 143-13.
September T-notes closed down 55-points at 120-060.
September T-notes closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 120.030 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 the 50-day moving average crossing at 119.186. Second support is June's low crossing at 118.295.
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August crude oil closed sharply lower on Monday and below the 50-day moving average crossing at 69.35 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways prices are possible near-term. If August extends the decline off July's high, June's low crossing at 63.40 is the next downside target. Closes above the 10-day moving average crossing at 72.35 would confirm that a short-term low has been posted. First resistance is July'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 today's low crossing at 67.58. Second support is June's low crossing at 63.40.
August heating oil closed lower on Monday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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, the 62% retracement level of the February-May-rally crossing at 199.61 is the next downside target. Closes above the 50-day moving average crossing at 217.82 would confirm that a short-term low has been posted. First resistance is July's high crossing at 223.32. 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 199.61.
August unleaded gas closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 July's high, the 62% retracement level of the February-May-rally crossing at 198.55 is the next downside target. Closes above the 50-day moving average crossing at 212.16 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 198.55. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.
August Henry natural gas closed higher on Monday as it consolidates some the decline off June's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 2.882 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.816. Second resistance is the 20-day moving average crossing at 2.882. First support is today's low crossing at 2.735. Second support is May's low crossing at 2.727.
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The September Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 93.69 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. If September extends last week's rally, June's high crossing at 95.26 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 93.69. Second support is June's low crossing at 92.76.
The September Euro closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, June's high crossing at 119.40 is the next upside target. If September extends this week's decline, June's low crossing at 115.82 is the next downside target. First resistance is the 50-day moving average crossing at 118.12. 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 Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 50-day moving average crossing at 1.3395 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 50-day moving average crossing at 1.3395. 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 higher on Monday hinting that last week's breakout below trading range support marked by May's low crossing at 1.0057 could prove to be a bear-trap. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1.0147 are needed to confirm that a short-term low has been posted. If September extends last-week'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. First resistance is July's high crossing at 1.0204. Second resistance is June's high crossing at 1.0302. First support is last-Friday'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 Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. If September resumes the rally off June's low, the 50-day moving average crossing at 76.91 is the next upside target. If September extends last-Wednesday's decline, June's low crossing at 74.80 is the next downside target. First resistance is the 50-day moving average crossing at 76.91. 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 Monday 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 Tuesday’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 0.9135 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.9021. Second resistance is the 20-day moving average crossing at 0.9074. First support is last-November's low crossing at 0.8908. Second support is last-Friday's low crossing at 0.8902.
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August gold closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 1257.60 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1257.60. Second resistance is the reaction high crossing at 1266.90. First support is last-Friday'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 slightly lower on Monday as it extended the decline off June's high. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bullish 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 16.153 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.153. Second resistance is the 50-day moving average crossing at 16.471. First support is last Friday's low crossing at 15.700. Second support is the July-2017 low crossing at 15.625.
August copper closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 292.22 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 282.17. Second resistance is the 20-day moving average crossing at 292.22. 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.
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December Corn closed up 3/4-cents at 3.55 1/2.
December corn posted an inside day with a higher close on Monday. The mid-range close sets the stage for a steady opening when Tuesday'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 3.74 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.67 1/4. Second resistance is the reaction high crossing at 3.74. First support is last-Thursday's low crossing at 3.50 1/4. Second support is psychological support crossing at 3.50.
December wheat closed down 9-cents at 5.03 1/2.
December wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 reaction high crossing at 5.30 1/4 would confirm that a short-term low has been posted. If December renews 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 5.11. Second resistance is the reaction high crossing at 5.30 1/4. First support is last-Wednesday's low crossing at 4.90. Second support is January's low crossing at 4.73 3/4.
December Kansas City Wheat closed down 7 1/4-cents at 5.09.
December Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Multiple closes above the reaction high crossing at 5.33 1/2 are needed to 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 reaction high crossing at 5.33 1/2. Second resistance is the 50-day moving average crossing at 5.52 3/4. First support is July'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 3 1/4-cents at 5.46.
December Minneapolis wheat closed lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday'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 5.61 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.61 3/4. Second resistance is the reaction high crossing at 5.76 3/4. First support is last Thursday's low crossing at 5.42 1/4. Second support is monthly support crossing at 5.15 1/2.
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November soybeans closed up 12 1/2-cents at 8.46 3/4.
November soybeans posted a key reversal up on Monday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 8.80 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 8.80 1/2. Second resistance is the reaction high crossing at 8.97. First support is today's low crossing at 8.26 1/4. Second support is monthly support crossing at 8.25.
December soybean meal closed up $4.50 at 327.50.
December soybean meal closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 338.90 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 reaction high crossing at 338.90. Second resistance is the reaction high crossing at 341.70. First support is today's low crossing at 321.50. Second support is January's low crossing at 318.40.
December soybean oil closed down 31-points. At 28.08.
December soybean oil closed lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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, weekly support crossing at 26.99 is the next downside target. Closes above the 20-day moving average crossing at 29.38 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.38. Second resistance is the reaction high crossing at 30.15. First support is last Friday's low crossing at 27.95. Second support is weekly support crossing at 26.99.
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August hogs closed down $0.95 at $69.20.
August hogs closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 20-day moving average crossing at 74.10 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 72.30. Second resistance is the 20-day moving average crossing at 74.10. First support is last Wednesday's low crossing at 68.52. Second support is weekly support crossing at 67.35.
October cattle closed up $1.28 at 108.65.
October cattle close higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October as it consolidates some of the decline off July's high, the reaction low crossing at 105.13 is the next downside target. Closes above the 10-day moving average crossing at 108.60 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 up $1.65 at $152.38.
August Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May's low, is February's high crossing at 155.98 is the next upside target. Closes below the 20-day moving average crossing at 149.89 would confirm that a short-term top has been posted. 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 149.89. Second support is the 50-day moving average crossing at 146.28.
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September coffee closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 11.43 would confirm that a short-term low has been posted.
September cocoa posted a key reversal down on Monday while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 23.41 would confirm a downside breakout of the aforementioned trading range. If September extends the rally off June's low, the 50-day moving average crossing at 25.46 is the next upside target.
October sugar closed higher on Monday as it consolidates some of the decline off June's high. The mid-range close set the stage for a steady opening on Tuesday. 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 12.09 would confirm that a short-term low has been posted.
October cotton closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month's rally, the 62% retracement level of the June-July decline crossing at 90.73 is the next upside target. Closes below the 20-day moving average crossing at 86.01 would confirm that a short-term top has been posted.