KEY EVENTS TO WATCH FOR:

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 STOCK INDEXES:The September NASDAQ 100 was slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the NASDAQ 100 extends the rally off June's low into record territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7215.82 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7437.75. Second resistance is unknown. First support is the 10-day moving average crossing at 7313.13. Second support is the 20-day moving average crossing at 7215.90.    

The September S&P 500 was steady to slightly lower overnight.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 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 2749.76 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the January-April-decline crossing at 2809.03. Second resistance is the 87% retracement level of the January-April-decline crossing at 2846.31. First support is the 10-day moving average crossing at 2787.07. Second support is the 50-day moving average crossing at 2749.76.      

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

INTEREST RATES: September T-bonds were steady to slightly 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 144-30 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 62% retracement level of the 2017-2018 decline crossing at 147-09 is the next upside target. First resistance is the reaction 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 144-30. Second support is the 50-day moving average crossing at 143-16.  

September T-notes were steady to slightly higher overnight while at the same time extending the trading range of the past three-weeks. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 119.300 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 reaction low crossing at 119.300. Second support is the 50-day moving average crossing at 119.196.    

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

ENERGY MARKETS: AugustNymex crude oil was steady to slightly higher overnight as it consolidates some of the decline off July'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 July's high, June's low crossing at 63.40 is the next downside target. Closes above the 10-day moving average crossing at 71.00 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 71.00. Second resistance is July's high crossing at 75.27. First support is Tuesday's low crossing at 67.03. Second support is June's low crossing at 63.40.    

August heating oil was steady to slightly higher overnight. 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 February-May-decline crossing at 199.62 is the next downside target. Closes above the 50-day moving average crossing at 217.43 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 steady to slightly higher overnight as it consolidates some of the decline off July'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 aforementioned decline, 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 211.78 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 was lower overnight as it extends 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, February's low crossing at 2.690 is the next downside target. Closes above the 20-day moving average crossing at 2.863 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.792. Second resistance is the 20-day moving average crossing at 2.863. First support is the overnight low crossing at 2.730. Second support is February's low crossing at 2.690.  

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

CURRENCIES:The September Dollar was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Monday's low, June's high crossing at 95.26 is the next upside target. Closes below last-Monday's low crossing at 93.44 would confirm that a short-term top has been posted. First resistance is June's high crossing at 95.26. Second resistance is weekly resistance crossing at 97.70. First support is last-Monday's low crossing at 93.44. Second support is the 25% retracement level of the February-June-decline crossing at 93.30.

The September Euro was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week's decline, June's low crossing at 115.82 is the next downside target. Closes above last-Monday's high crossing at 118.52 are needed to confirm that a low has been posted. First resistance is last-Monday's high crossing at 118.52. Second resistance is June's 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 as it renewed the decline off April's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last week's high, is the 75% retracement level of the 2016-2018-rally crossing at 1.2862 is the next downside target. Closes above last-Monday's high crossing at 1.3403 are needed to confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at 1.3403. Second resistance is June's high crossing at 1.3533. First support is the overnight low crossing at 1.3043. Second support is is the 75% retracement level of the 2016-2018-rally crossing at 1.2862.  

The September Swiss Franc was slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above July's high crossing at 1.0204 would confirm that a short-term low has been posted. If September extends last week's downside breakout of the May-July-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 was lower overnight. 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 75.83 would temper the near-term friendly outlook. If September renews the rally off June's low, the 50-day moving average crossing at 76.82 is the next upside target. First resistance is the 50-day moving average crossing at 76.82. 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 December-2016 low crossing at 0.8805 is the next downside target. Closes above the 20-day moving average crossing at 0.9051 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.8985. Second resistance is the 20-day moving average crossing at 0.9051. First support is the overnight low crossing at 0.8874. Second support is the December-2016 low crossing at 0.8805. 

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

PRECIOUS METALS: August gold was lower overnight as it extends the decline off July'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 April's high, the 75% retracement of the 2016-2018 rally crossing at 1213.00 is the next downside target. Closes above the 20-day moving average crossing at 1252.20 are needed to confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at 1266.90. Second resistance is the reaction high crossing at 1274.40. First support is the overnight low crossing at 1220.90. Second support is the 75% retracement of the 2016-2018 rally crossing at 1213.00.

September silver was lower overnight as it extends 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 September extends the decline off June's high, the July-2017 low on the weekly continuation chart crossing at 15.145 is the next downside target. Closes above the 20-day moving average crossing at 16.058 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.058. Second resistance is the reaction high crossing at 16.260. First support is the overnight low crossing at 15.410. Second support is the July-2017 low on the weekly continuation chart crossing at 15.145. 

August copper was lower overnight. 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 288.61 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 278.36. Second resistance is the 20-day moving average crossing at 288.61. 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 higher overnight as it consolidated some of the decline off May's following Monday's larger than expected decline in crop ratings. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a the very least a short covering rally is possible. Closes above the 20-day moving average crossing at 3.65 3/4 are needed to temper the near-term bearish outlook. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. First resistance is the 20-day moving average crossing at 3.65 3/4. 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 was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 5.30 1/2 are needed to confirm that a low has been posted. If December resumes the decline off May's high, the 87% retracement level of the December-May-rally crossing at 4.83 3/4 is the next downside target. First resistance is the reaction high crossing at 5.30 1/4. Second resistance is the 50-day moving average crossing at 5.34 1/2. First support is last-Wednesday's low crossing at 4.90. Second support is the 87% retracement level of the December-May-rally crossing at 4.83 3/4.        

December Kansas City Wheat closed up 6-cents at 5.15. 

December Kansas City wheat closed higher 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 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 5.51. 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 was steady to fractionally higher 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 bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 5.76 3/4 are needed to confirm that a short-term low has been posted. If December resumes the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. First resistance is the reaction high crossing at 5.76 3/4. Second resistance is the reaction high crossing at 5.89. First support is last-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 was higher overnight as it consolidates some of the decline off May's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 8.74 1/4 would confirm that a low has been posted. If November extends the decline off May's high, monthly support crossing at 8.25 is the next downside target. First resistance is the 20-day moving average crossing at 8.74 1/4. Second resistance is the reaction high crossing at 8.97 3/4. First support is Monday's low crossing at 8.26 1/4. Second support is monthly support crossing at 8.25.

December soybean meal was higher overnight as it consolidates some of the decline off May's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish hinting 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 Monday's low crossing at 321.50. Second support is January's low crossing at 318.40. 

December soybean oil was higher due to short covering overnight as it consolidates some of this year's decline. The high-range overnight trade sets the stage for a steady to higher 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 December extends this year's decline, the August-2015 low on the monthly continuation chart crossing at 25.47 is the next downside target. Closes above the 20-day moving average crossing at 29.21 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.21. Second resistance is the reaction high crossing at 29.98. First support is last-Friday's low crossing at 27.95. Second support is the August-2015 low on the monthly continuation chart crossing at 25.47.

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

August hogs closed down $1.30 at $67.90. 

August hogs closed lower on Tuesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 73.52 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 71.65. Second resistance is the 20-day moving average crossing at 73.52. First support is today's low crossing at 67.72. Second support is weekly support crossing at 67.35.  

October cattle closed down $0.15 at 108.50. 

October cattle close lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 10-day moving average crossing at 108.47 would temper the near-term bearish outlook. If October extends the decline off July's high, the reaction low crossing at 105.13 is the next downside 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 reaction low crossing at 105.13. Second support is June's low crossing at 103.50.  

August Feeder cattle closed down $1.10 at $151.28. 

August Feeder cattle closed lower on Tuesday. 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 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 150.01 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 150.01. Second support is the 50-day moving average crossing at 146.38.    

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

September coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends 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 11.40 would confirm that a short-term low has been posted.    

September cocoa closed unchanged on Tuesday leaving Monday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are 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 June-July-trading range. If Closes above Monday's high crossing at 25.94 are needed to confirm an upside breakout of the aforementioned trading range.

October sugar closed slightly lower 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, weekly support crossing at 10.13 is the next downside target. Closes above the 50-day moving average crossing at 12.07 would confirm that a short-term low has been posted. 

October cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain 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 86.04 would confirm that a short-term top has been posted.