KEY EVENTS TO WATCH FOR:

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 Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 7215.52 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7437.75. Second resistance is unknown. First support is the 20-day moving average crossing at 7215.52. Second resistance is the 50-day moving average crossing at 7128.98. 

The September S&P 500 closed higher as it extended the rally off June's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 2749.85 would temper the near-term friendly outlook. First resistance is today's high crossing at 2817.00. 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 2787.55. Second support is the 20-day moving average crossing at 2759.89.  

The Dow closed higher on Wednesday due to strength in United-Health and Boeing stocks as it extended the rally off June's low.The high-range close sets the stage for a steady to higher opening when Thursday'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 24,592.78 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,215.32. Second resistance is June's high crossing at 25,402.83. First support is the 20-day moving average crossing at 24,592.78. Second support is June's low crossing at 23,997.21.       

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September T-bonds closed down 9/32's at 144-24.

September T-bonds closed lower on Wednesday and below the 20-day moving average crossing at 144-30 are needed to confirm that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, the 50-day moving average crossing at 146-16 is the next downside target. If September renews 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 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 50-day moving average crossing at 143-16. Second support is June's low crossing at 142-01.       

September T-notes closed down 25-points at 120-015.

September T-notes closed lower on Wednesday and below the 20-day moving average crossing at 120.041 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, the 50-day moving average crossing at 119.195 is the next downside target. If September renews 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 119.195. Second support is June's low crossing at 118.295.      

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

August crude oil closed higher due to short covering on Wednesday as it consolidated some the decline off July's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are oversold but remain 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 71.13 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 Tuesday's low crossing at 67.03. Second support is June's low crossing at 63.40. 

August heating oil posted a key reversal up due to short covering on Wednesday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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, 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 217.49 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 214.49. Second resistance is July's high crossing at 223.32. 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 higher due to short covering on Wednesday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 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 211.83 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 lower on Wednesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 2.862 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.791. Second resistance is the 20-day moving average crossing at 2.862. First support is today's low crossing at 2.720. Second support is February's low crossing at 2.690.  

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

The September Dollar closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 July's low, June's high crossing at 95.26 is the next upside target. Closes below the 50-day moving average crossing at 93.78 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 93.78. Second support is June's low crossing at 92.76.    

The September Euro closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 last-week's high, 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 117.98. 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 lower on Wednesday as it extends the decline off April's high. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off April's high, the 75% retracement level of the 2016-2018-rally crossing at 1.2857 is the next downside target. Closes above the 50-day moving average crossing at 1.3374 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3374. Second resistance is June's high crossing at 1.3533. First support is today's low crossing at 1.3043. Second support is the 75% retracement level of the 2016-2018-rally crossing at 1.2857. 

The September Swiss Franc closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 50-day moving average crossing at 1.0146 are needed to confirm that a short-term low has been posted. If September resumes 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 posted an upside reversal with today's higher close. The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Wednesday's high, 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 76.83 is the next upside target. First resistance is the 50-day moving average crossing at 76.83. 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 slightly lower on Wednesday as it extends the decline off March's high. The mid-range close sets the stage for a steady to lower opening when Thursday’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 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 0.8956. Second resistance is the 20-day moving average crossing at 0.9051. First support is today's 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 ""

August gold closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 1252.40 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1252.40. Second resistance is the reaction high crossing at 1266.90. First support is today's low crossing at 1220.90. Second support is the 75% retracement level of the 2016-2018 rally crossing at 1213.00.

September silver closed lower on Wednesday as it extended the decline off June's high. The high-range close set the stage for a steady to higher opening when Thursday'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 September extends the decline off June's high, weekly support crossing at 15.145 is the next downside target. Closes above the 20-day moving average crossing at 16.064 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.064. Second resistance is the 50-day moving average crossing at 16.429. First support is today's low crossing at 15.410. Second support is weekly support crossing at 15.145.        

August copper closed higher on Wednesday as it bounced off support marked bythe 50% retracement level of the 2016-2018 rally crossing at 272.10. The high-range close sets the stage for a steady to higher opening when Thursday'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 288.75 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 278.64. Second resistance is the 20-day moving average crossing at 288.75. 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 up 1-cent at 3.60 3/4. 

December corn closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.74 are needed to confirm that a short-term low has been posted. 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 closed down 1 3/4-cents at 5.10 1/2. 

December wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 5.30 1/4 are needed to 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 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 January's low crossing at 4.73 3/4.        

December Kansas City Wheat closed down 2-cents at 5.13. 

December Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 5.49 1/2. 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 4 3/4-cents at 5.46 1/4. 

December Minneapolis wheat closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 5.58 1/2 would confirm that a short-term low has been posted. If December resumes the decline off May's high, monthly support crossing at 5.15 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.58 1/2. 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. 

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

November soybeans closed up 2 1/2-cents at 8.57 3/4. 

November soybeans closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 8.74 are needed to confirm that a low has been posted. If November resumes 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. Second resistance is the reaction high crossing at 8.97. First support is Monday's low crossing at 8.26 1/4. Second support is monthly support crossing at 8.25.

December soybean meal closed down $1.80 at 325.40. 

December soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 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 closed up 32-points. At 28.45. 

December soybean oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 29.21 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 30.15. First support is last Friday'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 $0.70 at $67.20. 

August hogs closed lower on Wednesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 62.14 is the next downside target. Closes above the 20-day moving average crossing at 72.99 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 70.77. Second resistance is the 20-day moving average crossing at 72.99. First support is today's low crossing at 67.10. Second support is weekly support crossing at 62.14.  

October cattle closed up $2.15 at 110.65. 

October cattle close sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends today's rally, July's high crossing at 111.53 is the next upside target. Closes below the 50-day moving average crossing at 106.94 would confirm that a short-term top has been posted. 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 $3.18 at $154.45. 

August Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends 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 150.25 would confirm that a short-term top has been posted. First resistance is today's high crossing at 154.90. Second resistance is February's high crossing at 155.98. First support is the 20-day moving average crossing at 150.25. Second support is the 50-day moving average crossing at 146.59.    

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

September coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 11.35 would confirm that a short-term low has been posted.    

September cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the reaction low crossing at 23.41 would confirm a downside breakout of the June-July-trading range. Closes above Monday's high crossing at 25.94 are needed to confirm an upside breakout of the aforementioned trading range.

October sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. 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 20-day moving average crossing at 11.68 would confirm that a short-term low has been posted. 

October cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 86.24 would confirm that a short-term top has been posted.