KEY EVENTS TO WATCH FOR:

Wednesday, July 13, 2022

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 305.3)

                       Composite Idx, W/W% (previous -5.4%)

                       Purchase Idx-SA (previous 232.6)

                       Purchase Idx-SA, W/W% (previous -4.3%)

                       Refinance Idx (previous 670.3)

                       Refinance Idx, W/W% (previous -7.7%)

8:30 AM ET. June Real Earnings

8:30 AM ET. June CPI

                       CPI, M/M% (expected +1.1%; previous +1%)

                       Core CPI, M/M% (expected +0.5%; previous +0.6%)

                       Energy Idx, M/M% (previous +3.9%)

                       Food Idx, M/M% (previous +1.2%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.7%)

                       CPI, Y/Y% (expected +8.8%; previous +8.6%)

                       Core Annual, Y/Y% (expected +5.7%; previous +6%)

10:00 AM ET. June Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 423.8M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +8.234M)

                       Gasoline Stocks (Bbl) (previous 219.112M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -2.496M)

                       Distillate Stocks (Bbl) (previous 111.135M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.266M)

                       Refinery Usage (previous 94.5%)

                       Total Prod Supplied (Bbl/day) (previous 20.464M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.467M)

2:00 PM ET. U.S. Federal Reserve Beige Book

2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

Thursday, July 14, 2022 

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 44.7K)

                       Soybeans (Metric Tons) (previous 80.1K)

                       Wheat (Metric Tons) (previous 286.4K)

8:30 AM ET. June PPI

                       PPI, M/M% (expected +0.8%; previous +0.8%)

                       Ex-Food & Energy PPI, M/M% (expected +0.5%; previous +0.5%)

                       Personal Consumption (previous +0.6%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 234K; previous 235K)

                       Jobless Claims, Net Chg (previous +4K)

                       Continuing Claims (previous 1375000)

                       Continuing Claims, Net Chg (previous +51K)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2311B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +60B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, July 15, 2022  

8:30 AM ET. July Empire State Manufacturing Survey

                       Mfg Idx (expected -1; previous -1.2)

                       Employment Idx (previous 19.0)

                       New Orders Idx (previous 5.3)

                       Prices Received (previous 43.6)

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

                       Overall Sales-SA, M/M% (expected +0.9%; previous -0.3%)

                       Sales, Ex-Auto, M/M% (expected +0.5%; previous +0.5%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.1%)

8:30 AM ET. June Import & Export Price Indexes

                       Import Prices (expected +0.7%; previous +0.6%)

                       Non-Petroleum Prices (previous -0.1%)

                       Petroleum Prices (previous +6.7%)

9:15 AM ET. June Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +0.1%; previous +0.2%)

                       Capacity Utilization % (expected 80.5%; previous 79.0%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.1)

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

                       Total Inventories (expected +1.2%; previous +1.2%)

10:00 AM ET. July University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (expected 50.2; previous 50.2)

                       Mid-Mo Expectations (previous 46.8)

                       Mid-Mo Current Idx (previous 55.4)

Monday, July 18, 2022  

10:00 AM ET. July NAHB Housing Market Index

                       Housing Mkt Idx (previous 67)

4:00 PM ET. May Treasury International Capital Data

Tuesday, July 19, 2022 

8:30 PM ET. June New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.549M)

                       Housing Starts, M/M% (previous -14.4%)

                       Building Permits (previous 1.695M)

                       Building Permits, M/M% (previous -7.0%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

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

The Dow closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. 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 30,861.54 would temper the near-term friendly outlook while opening the door for additional weakness near-term. Closes above the 50-day moving average crossing at 31,830.30 would open the door for additional gains and a possible test of June's high. First resistance is the 50-day moving average crossing at 31,830.30. Second resistance is June's high crossing at 33.272.34. First support is last-Tuesday's low crossing at 30.355.12. Second support is June's low crossing at 29.653.29. 

The September NASDAQ 100 closed lower on Tuesday as it consolidated some of the rally off the June 30^th low. Today's mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. 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 11,700.88 would temper the near-term friendly outlook. If September extends the decline off last-Friday's high, The June 30^th low crossing at 11,351.00 is the next downside target. Closes above the 50-day moving average 12,155.56 would signal that the near-term trend has turned sideways to higher. First resistance is the 50-day moving average crossing at 12,155.56. Second resistance is June's high crossing at 12,973.75. First support is the June 30^th low crossing at 11,351.00. Second support is June's low crossing at 11,092.50.

The September S&P 500 closed 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 30^th low crossing at 3741.25 would confirm that a double top with the June 28^th high has been posted. Closes above the 50-day moving average crossing at 3958.22 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 3810.89 would temper the near-term friendly outlook. First resistance is the June 28^th high crossing at 3950.0. Second resistance is the 50-day moving average crossing at 3958.22. First support is the June 30^th low crossing at 3741.25. Second support is June's low crossing at 3642.00.    

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

September T-bonds closed up 21-pts. at 139-11. 

September T-bonds closed higher on Tuesday as it consolidated some of the decline off last-Wednesday's high.The mid-range close sets the stage for a steady to higher opening when Wednesday'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 38% retracement level of the 2021-2022 decline crossing at 143-28 is the next upside target. Closes below the 20-day moving average crossing at 136-10 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Wednesday's high crossing at 142-06. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-28. First support is the 20-day moving average crossing at 136-10. Second support is the June 28^th low crossing at 134-08. Third support is June's low crossing at 131-01. 

September T-notes closed up 105 pts. at 118.225.

September T-notes closed higher on Tuesday as it consolidates some of the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 117.086 would signal that a short-term top has been posted. If September renews the rally off June's low, the 50% retracement level of the December-June decline crossing at 122.204 is the next upside target. First resistance is May's high crossing at 120.195. Second resistance is the 50% retracement level of the December-June decline crossing at 122.204. First support is the 20-day moving average crossing at 117.086. Second support is June's low crossing at 114.075.  

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

August crude oil closed sharply lower on Tuesday as it posted its lowest close since May 11^th. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off June's high, April's low crossing at $91.66 is the next downside target. Closes above the 50-day moving average crossing at $109.96 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $109.96. Second resistance is the June 29^th high crossing at $114.05. First support is April's low crossing at $91.66. Second support is the 38% retracement level of the 2021-2022 rallycrossing at $88.16.  

August heating oil closed lower on Tuesday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.8705 would signal that a short-term low has been posted. If August renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at 3.2689 is the next downside target. First resistance is the 50-day moving average crossing at 3.8705. Second resistance is the 20-day moving average crossing at $4.0091. First support is last-Wednesday's low crossing at 3.3510. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.2689.  

August unleaded gas closed 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August resumes the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at 2.9354 is the next downside target. Closes above the 50-day moving average crossing at $3.6334 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.6334. Second resistance is the June 29^th high crossing at $3.8672. First support is last-Wednesday's low crossing at $3.1880. Second support is the 38% retracement level of the 2021-2022 rally crossing at 2.9354.

August Henry natural gas closed 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6.529 would signal that a short-term low has been posted. If August resumes the decline off June's high, the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. First resistance is the 20-day moving average crossing at 6.660. Second resistance is the 50-day moving average crossing at 7.625. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Second support is the 75% retracement level of 2021-2022 rally crossing at 4.083.      

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

The September Dollar closed higher on Tuesday as it extends this year's rally. The mid-range close sets the stage for a steady to higher opening when Wednesday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off May's low, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target. Closes below the 20-day moving average crossing at $105.177 would signal that a short-term top has been posted. First resistance is today's high crossing at $108.420. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717. First support is the 20-day moving average crossing at $105.177. Second support is the 50-day moving average crossing at $103.817.   

The September Euro closed lower on Tuesday as it extends this year's decline. The mid-range close sets the stage for a steady to lower opening when Wednesday'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, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. Closes above the 20-day moving average crossing at $1.04511 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at $1.03286. Second resistance is the 20-day moving average crossing at $1.04761. First support is today's low crossing at $1.00480. Second support is the December-2002 low on the monthly continuation chart crossing at $0.98540. 

The September British Pound closed slightly lower on Tuesday. The high-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off May's high, the 87% retracement level of 2020-2021 rally on the monthly continuation chart crossing at 1.1802 is the next downside target. Closes above the 20-day moving average crossing at 1.2139 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2139. Second resistance is the 50-day moving average crossing at 1.2339. First support is today's low crossing at 1.1823. Second support is the 87% retracement level of 2020-2021 rally on the monthly continuation chart crossing at 1.1802.  

The September Swiss Franc closed slightly lower on Tuesday as it extends the decline off June's high. The high-range close sets the stage for a steady to slightly lower opening when Wednesday'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 June's high, the 75% retracement level of June's rally crossing at 1.01656 is the next downside target. Closes above the 10-day moving average crossing at 1.03868 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.02393. Second resistance is the 10-day moving average crossing at 1.03868. First support the 75% retracement level of June's rally crossing at 1.01656. Second support is the 87% retracement level of June's rally crossing at 1.00974. 

The September Canadian Dollar closed lower on Tuesday.The mid-range close sets the stage for a steady to lower opening when Wednesday'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 renews the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at 75.79 is the next downside target. Closes above the 50-day moving average crossing at 77.79 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 77.79. Second resistance is June's high crossing at 79.84. First support is last-Tuesday's low crossing at 76.43. Second support is the 50% retracement level of the 2020-2022 rally crossing at 75.79.

The September Japanese Yen posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline that marked a downside breakout of the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Wednesday’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 August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. Closes above the 50-day moving average crossing at 0.076211 would signal that the short-term trend has turned neutral to high prices are possible near-term. First resistance is the 20-day moving average crossing at 0.074264. Second resistance is the 50-day moving average crossing at 0.076211. First support is Monday's low crossing at 0.072940. Second support is the August-1998 low on the monthly continuation chart crossing at 0.068730.    

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

August gold closed lower on Tuesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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, the August-2021 low crossing at $1710.20 is the next downside target. Closes above the 20-day moving average crossing at $1800.20 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 10-day moving average crossing at $1768.50. Second resistance is the 20-day moving average crossing at $1800.20. First support is today's low crossing at $1721.60. Second support is the August-2021 low crossing at $1710.20.  

September silver closed lower on Tuesday as it extends the trading range of the past four-days. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 March's high, the June-2020 low on the weekly continuation chart crossing at 17.015 is the next downside target. Closes above the 20-day moving average crossing at 20.533 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 19.633. Second resistance is the 20-day moving average crossing at 20.533. First support is today's low crossing at 18.630. Second support is the June-2020 low on the weekly continuation chart crossing at 17.015 . 

September copper closed lower on Tuesday and posted a new low for the year as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June's high, the 75% retracement level of the 2020-2021 rally crossing at 2.8770 is the next downside target. Closes above the 20-day moving average crossing at 3.7739 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.5480. Second resistance is the 20-day moving average crossing at 3.7739. First support is the 62% retracement level of the 2020-2021 rally crossing at 3.2498. Second support is the 75% retracement level of the 2020-2021 rally crossing at 2.8770.

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

December Corn closed down $0.42 1/2-cents at $5.86 1/2. 

December corn closed sharply lower on Tuesday due to long-liquidation by funds following a neutral to bearish supply-demand report. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off May's high, the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.57 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.57 1/4. Second resistance is the 50-day moving average crossing at $6.99 1/4. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4.    

September wheat closed down $0.42 1/4-cents at $8.14 1/4.  

September wheat closed sharply lower on Tuesday due to a negative supply-demand report. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. Closes above the 20-day moving average crossing at $9.36 1/2 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at $9.36 1/2. Second resistance is the 50-day moving average crossing at $10.51 1/4. First support is last-Wednesday's low crossing at $7.85 1/4. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

September Kansas City Wheat closed down $0.47 1/2-cents at $8.67 3/4.

September Kansas City wheat closed sharply lower on Tuesday following yesterday's downside reversal as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $9.99 would signal that a short-term low has been posted. If September renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $9.99. Second resistance is the 50-day moving average crossing at $11.22 1/2. First support is the 62% retracement level of the January-May rallycrossing at $8.32 3/4. Second support is February's low crossing at $7.64 1/2.

September Minneapolis wheat closed up $0.28-cents at $9.63 3/4.

September Minneapolis wheat closed lower on Tuesday following Monday's downside reversal as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.51 would signal that a short-term low has been posted. If September renews the decline off May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $10.51. Second resistance is the 50-day moving average crossing at $11.70 1/4. First support is last-Wednesday's low crossing at $8.70 1/2. Second support is the 75% retracement level of the January-May rally crossing at $8.12 3/4.

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

November soybeans closed down $0.62-cents at $13.43.

November soybeans closed sharply lower on Tuesday as it consolidated some of the rally off last-Wednesday's low. Fund-related selling triggered by a neutral to bearish supply-demand report exaggerated today's sell off. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November resumes the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at $12.11 1/2 is the next downside target. Closes above the 20-day moving average crossing at $14.43 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $14.43. Second resistance is the 50-day moving average crossing at $14.85. First support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4. Second support is January's low crossing at $12.76.

December soybean meal closed down $11.20 at $389.70. 

December soybean meal closed lower on Tuesday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off last-Thursday's high, the 50% retracement level of the 2020-2022 rally crossing at $365.40 is the next downside target. If December extends the rally off last-week's low, June's high crossing at $418.00 is the next upside target. First resistance is June's high crossing at $418.00. Second resistance is the April 21^st high crossing at $429.60. First support is last-Tuesday's low crossing at $375.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at $365.40.  

December soybean oil closed down 339-pts. at 57.92. 

December soybean oil closed sharply lower on Tuesday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. Closes above last-Tuesday's gap crossing at 62.01 would signal that a short-term low has been posted. First resistance last-Tuesday's gap crossing at 62.01. Second resistance is the 20-day moving average crossing at 65.71. First support is last-Wednesday's low crossing at 55.69. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.

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

August hogs closed up $0.63 at $109.00. 

August hogs posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $106.17 would signal that a short-term top has been posted. Closes above last-Thursday's high crossing at $111.75 would open the door for additional gains near-term. First resistance is last-Thursday's high crossing at $111.75. Second resistance is the April 28^th high crossing at $114.30. First support is the 20-day moving average crossing at $106.17. Second support is June's low crossing at $100.25. 

August cattle closed up $0.75 at $136.90 

August cattle closed higher on Tuesday following Monday's key reversal up as it extended the rally off June's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, June's high crossing at $137.95 is the next upside target. Closes below June's low crossing at $131.70 would open the door for a test of May's low crossing at $129.97. First resistance is the June 9^th high crossing at $137.95. Second resistance is the bottom of the April 25^th gap crossing at $138.75. Third resistance is the top of the April 25^th gap crossing at $140.27. First support is June's low crossing at $131.70. Second support is May's low crossing at $129.97.    

August Feeder cattle closed up $3.15 at $174.88. 

August Feeder cattle closed sharply higher on Tuesday following Monday's key reversal up due to a sharp decline in corn. Today's rally also posted an upside breakout of the June-July trading range. The high-range close sets the stage for a higher opening when Wednesday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, March's high crossing at $182.10 is the next upside target. Close below Monday's low crossing at $170.00 would signal that a short-term top has been posted. First resistance is March's high crossing at $182.10. Second resistance is February's high crossing at $187.10. First support is Monday's low crossing at $170.00. Second support is the May 31^st low crossing at $164.75. Third support is May's low crossing at $162.80.    

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

September coffee closed sharply lower on Tuesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If September extends the decline off June's high, May's low crossing at $20.24 is the next downside target. Closes above the 20-day moving average crossing at $22.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $22.40. Second resistance is July's high crossing at $22.90. First support is today's low crossing at $20.47. Second support is May's low crossing at $20.24.                    

September cocoa posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 23.81 would signal that a short-term low has been posted. If September renews the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target.  

October sugar closed lower on Tuesday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 19.05 would confirm that a short-term low has been posted. If October renews the decline off May's high, the February 28^th low crossing at 17.57 is the next downside target.                      

October cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off May's high, the 62% retracement level of the 2020-2022 rally crossing at 87.67 is the next downside target. Closes above the 20-day moving average crossing at 110.33 would signal that a short-term low has been posted.