KEY EVENTS TO WATCH FOR:

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)

Wednesday, July 20, 2022  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 300)

                       Composite Idx, W/W% (previous -1.7%)

                       Purchase Idx-SA (previous 224.3)

                       Purchase Idx-SA, W/W% (previous -3.6%)

                       Refinance Idx (previous 685.3)

                       Refinance Idx, W/W% (previous +2.2%)

10:00 AM ET. June Existing Home Sales

                       Existing Sales (previous 5.41M)

                       Existing Sales, M/M% (previous -3.4%)

                       Unsold Homes Month's Supply (previous 2.6)

                       Median Price (USD) (previous 407600)

                       Median Home Price, Y/Y% (previous +14.8%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 427.054M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +3.254M)

                       Gasoline Stocks (Bbl) (previous 224.937M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +5.825M)

                       Distillate Stocks (Bbl) (previous 113.803M)

                       Distillate Stocks, Net Chg (Bbl) (previous +2.668M)

                       Refinery Usage (previous 94.9%)

                       Total Prod Supplied (Bbl/day) (previous 18.72M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.744M)

Thursday, July 21, 2022 

8:30 AM ET. July Philadelphia Fed Business Outlook Survey

                       Business Activity (previous -3.3)

                       Prices Paid (previous 64.5)

                       Employment (previous 28.1)

                       New Orders (previous -12.4)

                       Prices Received (previous 49.2)

                       Delivery Times (previous 9.9)

                       Inventories (previous -2.2)

                       Shipments (previous 10.8)

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

                       Jobless Claims (previous 244K)

                       Jobless Claims, Net Chg (previous +9K)

                       Continuing Claims (previous 1331000)

                       Continuing Claims, Net Chg (previous -41K)

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

                       Corn (Metric Tons) (previous 407.2K)

                       Soybeans (Metric Tons) (previous -248.9K)

                       Wheat (Metric Tons) (previous 1047.2K)

10:00 AM ET. June Leading Indicators

                       Leading Index, M/M% (previous -0.4%)

                       Leading Index

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.8%)

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

                       Working Gas In Storage (Cbf) (previous 2369B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +58B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, July 22, 2022 

9:45 AM ET. July US Flash Manufacturing PMI

                       PMI, Mfg (previous 52.4)

9:45 AM ET. July US Flash Services PMI

                       PMI, Services (previous 51.6)

10:00 AM ET. June State Employment and Unemployment

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

The Dow gapped up and closed higher on Friday as market sentiment was underpinned by better-than-expected retail sales data and a strong earnings report from Citigroup. The high-range close sets the stage for a steady to slightly lower opening when Friday'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 31,695.07 would confirm that a short-term low has been posted. If the Dow extends the decline off June's high, June's low crossing at 29,653.29 is the next downside target. First resistance is the 50-day moving average crossing at 31,695.07. Second resistance is June's high crossing at 33.272.34. First support is Thursday's low crossing at 30.143.93. Second support is June's low crossing at 29.653.29. 

The September NASDAQ 100 closed higher on Friday. Today's high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average 12,082.77 would signal that the short-term trend has turned sideways to higher. Closes below Wednesday's low crossing at 11,479.25 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 50-day moving average crossing at 12,082.77. 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 higher on Friday. The high-range close sets the stage for a steady to slightly lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3937.95 would renew the rally off June's low while opening the door for additional gains near-term. Closes below Thursday's low crossing at 3723.75 would confirm that a double top with the June 28^th high has been posted. First resistance is the 50-day moving average crossing at 3937.95. Second resistance is the May 31^st high crossing at 4204.75. First support is Thursday's low crossing at 3723.75. 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 19-pts. at 140-05. 

September T-bonds closed higher on Friday.The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher 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 Monday's low crossing at 136-24 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 Monday's low crossing at 136-24. 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 60-pts. at 118.220.

September T-notes closed slightly higher on Friday as it extends this week's trading range. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling sideways trading is possible near-term. Closes below the 20-day moving average crossing at 117.265 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 117.265. Second support is the June 28^th low crossing at 116.110.  

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

August crude oil closed higher on Friday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are  neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at $88.16 is the next downside target. Closes above the 20-day moving average crossing at $104.58 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $100.39. Second resistance is the 20-day moving average crossing at $14.58. First support is Thursday's low crossing at $90.56. Second support is the 38% retracement level of the 2021-2022 rallycrossing at $88.16.  

August heating oil closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 3.8777 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 3.8777. Second resistance is the 20-day moving average crossing at $3.9180. 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 posted an inside day with a slightly higher close on Friday as it consolidates some of the decline off June's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 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 $3.6284 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.5356. Second resistance is the 50-day moving average crossing at $3.6284. First support is Thursday's low crossing at $3.0999. Second support is the 38% retracement level of the 2021-2022 rally crossing at 2.9354.

August Henry natural gas closed higher on Friday as it posted a key reversal up to extend the rally off July's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off July's low, the 50-day moving average crossing at 7.573 is the next upside target. 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 today's high crossing at 7.136. Second resistance is the 50-day moving average crossing at 7.573. 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 lower on Friday as it consolidated some of this year's rally. The low-range close sets the stage for a steady to lower opening when Monday'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 87% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $114.782 is the next upside target. Closes below the 20-day moving average crossing at $105.737 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $109.140. Second resistance is the 87% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $114.782. First support is the 10-day moving average crossing at $107.176. Second support is the 20-day moving average crossing at $105.737.   

The September Euro closed higher on Friday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, 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 $1.03940 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at $1.01984. Second resistance is the 20-day moving average crossing at $1.03940. First support is Thursday's low crossing at $1.00000. Second support is the December-2002 low on the monthly continuation chart crossing at $0.98540. 

The September British Pound closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 March-2020 low on the monthly continuation chart crossing at 1.1438 is the next downside target. Closes above the 20-day moving average crossing at 1.2107 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2107. Second resistance is the 50-day moving average crossing at 1.2300. First support is Thursday's low crossing at 1.1778. Second support is the March-2020 low on the monthly continuation chart crossing at 1.1438.  

The September Swiss Franc closed higher on Friday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 87% retracement level of June's rally crossing at 1.00981 is the next downside target. Closes above the 20-day moving average crossing at 1.03890 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.03244. Second resistance is the 20-day moving average crossing at 1.03890. 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 posted an inside day with a sharply higher close on Friday as it consolidates some of Thursday's sharp decline.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September extends the decline off June's high, the October-2020 low crossing at 75.06 is the next downside target. Closes above the 20-day moving average crossing at 77.15 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.15. Second resistance is the 50-day moving average crossing at 77.73. First support is the 50% retracement level of the 2020-2022 rally crossing at 75.79. Second support is the October-2020 low crossing at 75.06.

The September Japanese Yen posted an inside day with a slightly higher close on Friday as it consolidated some of Thursday's decline. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. Closes above the 20-day moving average crossing at 0.073882 would signal that the short-term low has been posted. First resistance is the 20-day moving average crossing at 0.073882. Second resistance is the 50-day moving average crossing at 0.075922. First support is Thursday's low crossing at 0.072085. 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 Friday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the March-2021 low on the monthly continuation chart crossing at $1673.30 is the next downside target. Closes above the 20-day moving average crossing at $1784.20 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 $1738.50. Second resistance is the 20-day moving average crossing at $1784.20. First support is Thursday's low crossing at $1695.00. Second support is the March-2021 low on the monthly continuation chart crossing at $1673.30.  

September silver posted an inside day with a higher close on Friday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off 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 20.144 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 19.048. Second resistance is the 20-day moving average crossing at 20.144. First support is Thursday's low crossing at 18.010. Second support is the June-2020 low on the weekly continuation chart crossing at 17.015 . 

September copper closed slightly higher on Friday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 3.6345 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 3.5800. Second resistance is the 20-day moving average crossing at 3.6345. First support is today's low crossing at 3.1315. 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 up $0.02 3/4-cents at $6.03 3/4. 

December corn closed higher due to short covering on Friday as it consolidated some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.39 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $6.39. Second resistance is the 50-day moving average crossing at $6.90 3/4. 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 $0.18 1/4-cents at $7.76 3/4.  

September wheat closed lower on Friday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $8.95 1/4 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at $8.95 1/4. Second resistance is Monday's high crossing at $9.40 1/4. First support is today's low crossing at $7.65 3/4. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

September Kansas City Wheat closed down $0.11 1/4-cents at $8.37 1/2.

September Kansas City wheat closed lower on Friday as it extended the decline off Monday's high. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.58 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.58 3/4. Second resistance is Monday's high crossing at $9.98 1/4. 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 down $0.03 3/4-cents at $9.06 3/4.

September Minneapolis wheat closed lower on Friday as it extended the decline off Monday's  high. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 $8.12 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.06 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $10.06. Second resistance is Monday's high crossing at $9.51 3/4. 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 higher $0.01 1/4-cents at $13.42 1/4.

November soybeans closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 $14.15 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $14.15 3/4. Second resistance is Monday's high crossing at $14.38 1/2. 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 $11.00 at $391.60. 

December soybean meal closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December extends the rally off July's low, June's high crossing at $418.00 is the next upside target. If December renews the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at $365.40 is the next downside 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 July'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 up 245-pts. at 58.23. 

December soybean oil closed sharply higher on Friday as it consolidated some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends 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 63.07. First support is Thursday's low crossing at 54.42. 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 $0.35 at $109.93. 

August hogs closed higher on Friday as it extended the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $111.75 would open the door for additional gains near-term. Closes below the 50-day moving average crossing at $106.56 would signal that a short-term top has been posted. 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 50-day moving average crossing at $106.56. Second support is June's low crossing at $100.25. 

August cattle closed down $0.45 at $134.95 

August cattle closed lower on Friday as it consolidate some of the rally off June's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower 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 Monday's low crossing at $132.88 would confirm that a short-term top has been posted. 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 Monday's low crossing at $132.88. Second support is June's low crossing at $131.70. Third support is May's low crossing at $129.97.    

August Feeder cattle closed down $2.30 at $176.60. 

August Feeder cattle closed lower on Friday as it consolidates some of the rally off Monday's low. The low-range close sets the stage for a lower opening when Monday's session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Close below Monday's low crossing at $170.00 would signal that a short-term top has been posted. If August renews this week's rally, March's high crossing at $182.10 is the next upside target. 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 higher due to short covering on Friday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Monday. 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, the 50% retracement level of the 2020-2021 rally crossing at $18.41 is the next downside target. Closes above the 20-day moving average crossing at $22.02 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $22.02. Second resistance is July's high crossing at $22.90. First support is today's low crossing at $19.60. Second support is the 50% retracement level of the 2020-2021 rally crossing at $18.41.                    

September cocoa closed sharply higher on Friday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 23.68 would signal that a short-term low has been posted. If September extends the decline off April's high, the July-2021 low crossing at 22.32 is the next downside target.   

October sugar closed higher on Friday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening on Monday. 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 months rally, June's high crossing at 19.89 is the next upside target. Closes below the 20-day moving average crossing at 18.57 would signal that a short-term top 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 limit up on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 105.38 would signal that a short-term low has been posted.