KEY EVENTS TO WATCH FOR:

Friday, July 29, 2022 

8:30 AM ET. June Personal Income & Outlays

                       Personal Income, M/M% (expected +0.5%; previous +0.5%)

                       Consumer Spending, M/M% (expected +0.9%; previous +0.2%)

                       PCE Price Idx, M/M% (previous +0.6%)

                       PCE Price Idx, Y/Y% (previous +6.3%)

                       PCE Core Price Idx, M/M% (expected +0.5%; previous +0.3%)

                       PCE Core Price Idx, Y/Y% (expected +4.7%; previous +4.7%)

8:30 AM ET. 2^nd Quarter Employment Cost Index

                       ECI, Q/Q% (expected +1.1%; previous +1.4%)

                       ECI, Y/Y% (previous -3.7%)

9:45 AM ET. July Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 55.0; previous 56.0)

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

                       End-Mo Sentiment Idx (expected 51.1; previous 50.0)

                       End-Mo Expectations Idx (previous 47.5)

                       12-Month Inflation Forecast (previous 5.3%)

                       5-Year Inflation Forecast (previous 3.1%)

                       End-Mo Current Idx (previous 53.8)

3:00 PM ET. June Agricultural Prices

                       Farm Prices, M/M% (previous +0.5%)

Monday, August 1, 2022  

9:45 AM ET. July US Manufacturing PMI

                       PMI, Mfg (previous 52.7)

10:00 AM ET. July ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (previous 53.0)

                       Prices Idx (previous 78.5)

                       Employment Idx (previous 47.3)

                       Inventories (previous 56.0)

                       New Orders Idx (previous 49.2)

                       Production Idx (previous 54.9)

10:00 AM ET. June Construction Spending - Construction Put in Place

                       New Construction (previous -0.1%)

                       Residential Construction

11:00 AM ET. July Global Manufacturing PMI

                       PMI, Mfg (previous 52.2)

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

The Dow closed higher on Thursday as it renewed the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday'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. Today's rally and close above the July 10^th gap crossing at 32,267.78 opens the door for a possible test of June's high crossing at 33,272.34 is the next upside target. Closes below the 20-day moving average crossing at 31,433.14 would signal that a short-term top has been posted. First resistance is June's high crossing at 33.272.34. Second resistance is May's high crossing at 34,117.74. First support is the 20-day moving average crossing at 31,433.14. Second support is July's low crossing at 30.143.93.

The September NASDAQ 100 closed higher on Thursday as it extends the rally off June's low. Today's high-range close sets the stage for a steady to higher 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. If September resumes the rally off June's low, June's high crossing at 12,973.75 is the next upside target. Closes below the 50-day moving average crossing at 12,064.31 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 12,738.50. Second resistance is June's high crossing at 12,973.75. First support is the July 13^th low crossing at 11,479.25. Second support is the June 30^th low crossing at 11,351.00. Third support is June's low crossing at 11,092.50.

The September S&P 500 closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday'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 renews the rally off June's low, the 50% retracement level of the January-June decline crossing at 4215.81 is the next upside target. Closes below the 20-day moving average crossing at 3884.25 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the January-June decline crossing at 4078.81. Second resistance is the 50% retracement level of the January-June decline crossing at 4215.81. First support is the 20-day moving average crossing at 3896.94. Second support is the July 14^th low crossing at 3723.75.    

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

September T-bonds closed up 19-pts. at 143-11. 

September T-bonds closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 147-27 is the next upside target. Closes below the 50-day moving average crossing at 138-08 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-28. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 147-27. First support is the 50-day moving average crossing at 138-08. Second support is the June 11^th low crossing at 136-24. 

September T-notes closed up 200-pts. at 121.010.

September T-notes closed higher on Thursday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Friday's night 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 June's low, the 50% retracement level of the December-June decline crossing at 122.204 is the next upside target. Closes below last-Thursday's low crossing at 117.145 would confirm that a short-term top has been posted. First resistance is today's high crossing at 121.085. Second resistance is the 50% retracement level of the December-June decline crossing at 122.204. First support is the 50-day moving average crossing at 118.103. Second support is last-Thursday's low crossing at 117.145.   

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

September crude oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $99.72 would signal that a short-term low has been posted. If September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at $86.43 is the next downside target. First resistance is the 20-day moving average crossing at $99.72. Second resistance is the 50-day moving average crossing at $104.32. First support is the July 14^thlow crossing at $88.23. Second support is the 38% retracement level of the 2021-2022 rallycrossing at $86.43.  

September heating oil closed lower on Wednesday while extending July's trading range. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. 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 3.7951 would signal that a short-term low has been posted. If September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at 3.1874 is the next downside target. First resistance is the 50-day moving average crossing at 3.7951. Second resistance is June's high crossing at $4.3703. First support is the July 6^th low crossing at 3.2946. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.1874.   

September unleaded gas closed lower on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at $3.1620 would signal that a short-term low has been posted. If September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at 2.8073 is the next downside target. First resistance is the 20-day moving average crossing at $3.1620. Second resistance is the 50-day moving average crossing at $3.4272. First support is last-Thursday's low crossing at $3.8890. Second support is the 38% retracement level of the 2021-2022 rally crossing at 2.8073.

September Henry natural gas closed lower due to profit taking on Thursday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 7.562 would signal that a short-term top has been posted. If September extends the rally off July's low, June's high crossing at 9.598 is the next upside target. First resistance is Tuesday's high crossing at 9.419. Second resistance is June's high crossing at 9.598. First support is the 50-day moving average crossing at 7.562. Second support is the 20-day moving average crossing at 6.961.      

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

The September Dollar closed lower on Thursday as it extends the trading range of the past seven-days. The low-range close sets the stage for a steady to lower opening when Friday's nights 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 July's high, the 50-day moving average crossing at $104.640 is the next downside target. If September renews 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. First resistance is July's high crossing at $109.140. Second resistance isthe 87% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $114.782. First support is today's low crossing at $105.925. Second support is the 50-day moving average crossing at $104.640.   

The September Euro closed lower on Thursday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady to lower opening when Friday'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 July 21^st high crossing at $1.03200 would signal that a low has been posted while opening the door for additional gains near-term. If September renews the decline, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. First resistance is the July 21^st high crossing at $1.03200. Second resistance is the 50-day moving average crossing at $1.04888. First support is the July 14^th 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 lower on Thursday as it consolidates some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening when Friday's night 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 July's low, the 50-day moving average crossing at 1.2247 is the next upside target. If September renews the decline off May's high, the March-2020 low on the monthly continuation chart crossing at 1.1438 is the next downside target. First resistance is today's high crossing at 1.2205. Second resistance is the 50-day moving average crossing at 1.2247. First support is July'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 Thursday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday'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 rally off July's low, June's high crossing at 1.05910 is the next upside target. Closes below the 20-day moving average crossing at 1.02591 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.05155. Second resistance is June's high crossing at 1.05910. First support is the July 14^thcrossing at 1.01650. Second support is June's low crossing at 1.00235. 

The September Canadian Dollar closed higher on Thursday as it extended the rally off July's low.The high-range close sets the stage for a steady to higher opening when Friday'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 62% retracement level of the April-July decline crossing at 78.67 is the next upside target. Closes below the 20-day moving average crossing at 77.27 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the April-July decline crossing at 78.09. Second resistance is the 62% retracement level of the April-July decline crossing at 78.67. First support is the 20-day moving average crossing at 77.27. Second support is July's low crossing at 75.61.

The September Japanese Yen closed sharply higher on Thursday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday’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, the 50-day moving average crossing at 0.075146 is the next upside target. If September renews the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. First resistance is today's high crossing at 0.074795. Second resistance is the 50-day moving average crossing at 0.075146. First support is July'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 higher on Thursday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $1733.10 confirms that a low has been posted while opening the door for additional gains near-term. If August renews the decline off June's high, the March-2021 low on the monthly continuation chart crossing at $1673.30 is the next downside target. First resistance is the 20-day moving average crossing at $1733.10. Second resistance is the 50-day moving average crossing at $1799.00. First support is last-Thursday's low crossing at $1678.40. Second support is the March-2021 low on the monthly continuation chart crossing at $1673.30.  

September silver closed sharply higher on Thursday breaking out to the topside July's trading range.   The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, the 50-day moving average crossing at 20.638 is the next upside target. If September resumes the decline off March's high, the June-2020 low on the weekly continuation chart crossing at 17.015 is the next downside target. First resistance is the 50-day moving average crossing at 20.638. Second resistance is the 38% retracement level of the March-July decline crossing at 21.575. First support is the July 14^th low crossing at 18.010. Second support is the June-2020 low on the weekly continuation chart crossing at 17.015. 

September copper closed higher on Thursday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the breakout above the 20-day moving average crossing at 3.3990 opens the door for additional gains near-term. If July renews the decline off June's high, the 75% retracement level of the 2020-2021 rally crossing at 2.8770 is the next downside target. First resistance is the July 7^th high crossing at 3.5800. Second resistance is the June 28^th high crossing at 3.8500. First support is the July 15^th 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 $0.16-cents at $6.19. 

December corn closed higher on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday'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 last-Monday's high crossing at $6.23 3/4 would signal that a short-term low has been posted. If December resumes 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 last-Monday's high crossing at $6.23 3/4. Second resistance is the June 11^th high crossing at $6.58 1/2. First support is Tuesday's gap crossing at $5.84 1/4. Second support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Third support is the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4.    

September wheat closed up $0.26 3/4-cents at $8.17.  

September wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher 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 last-Wednesday's high crossing at $8.43 1/2 would signal that a short-term low has been posted. If September extends the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. First resistance last-Wednesday's high crossing at $8.43 1/2. Second resistance is the July 11^th high crossing at $9.40 1/4. First support is last-Friday's low crossing at $7.54. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

September Kansas City Wheat closed up $0.28-cents at $8.89 3/4.

September Kansas City wheat closes higher on Thursday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher 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 last-Wednesday's high crossing at $8.97 3/4 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 last-Wednesday's high crossing at $8.97 3/4. Second resistance is the July 11^th high crossing at $9.98 1/4. First support is last-Friday's low crossing at $8.14 1/2. Second support is February's low crossing at $7.64 1/2.

September Minneapolis wheat closed up $0.18-cents at $9.28.

September Minneapolis wheat closed higher on Thursday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher 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 last-Wednesday's high crossing at $9.56 would signal that a short-term low has been posted. If September resumes 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 last-Wednesday's high crossing at $9.56. Second resistance is the July 11^th high crossing at $9.56. First support is last-Friday's low crossing at $8.69 1/4. 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 up $0.30 1/2-cents at $14.40 1/2.

November soybeans closed higher on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off last-Friday's low, the 50-day moving average crossing at $14.55 is the next upside target. Closes below the 10-day moving average crossing at $13.60 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $14.46 3/4. Second resistance is the 50-day moving average crossing at $14.55. First support is the bottom of Tuesday's gap crossing at $13.49 1/4. Second support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4.

December soybean meal closed down $7.10 at $419.00. 

December soybean meal posted an inside day with a lower close on Thursday as it consolidates some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 December extends this week's rally, March's high crossing at $436.80 is the next upside target. Closes below the 20-day moving average crossing at $397.20 would signal that a short-term top has been posted. First resistance is March's high crossing at $436.80. Second resistance is February's high crossing at $439.00. First support is last-Friday's low crossing at $380.80. Second support is July's low crossing at $375.30.  

December soybean oil closed up 406-pts. at 63.25. 

December soybean oil closed sharply higher on Thursday and marked an upside breakout of July's trading range. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the July 5^th gap crossing at 62.01 confirms that a short-term low has been posted while opening the door for additional gains 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. First resistance today's high crossing at 63.61. Second resistance is the 50-day moving average crossing at 67.59. First support is July'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 $0.53 at $119.13. 

August hogs gapped up and closed higher on Thursday as it extends the rally off June's low. The low-range close sets the stage for a steady to lower opening when Friday's 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 August extends the aforementioned rally, April's high crossing at $121.25 is the next upside target. Closes below the 20-day moving average crossing at $111.65 would signal that a short-term top has been posted. First resistance is today's high crossing at $120.70. Second resistance is April's high crossing at $121.25. First support is the 10-day moving average crossing at $115.67. Second support is the 20-day moving average crossing at $111.65. 

October cattle closed down $0.50 at $141.83 

October cattle closed lower on Thursday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $140.16 would confirm that a short-term top has been posted. If October extends the rally off June's low, May's high crossing at $145.10 is the next upside target. First resistance is May's high crossing at $145.10. Second resistance is the top of the April 25^th gap crossing at $145.98. First support is the July 15^th low crossing at $139.30. Second support is July's low crossing at $138.03. 

September Feeder cattle closed up $1.65 at $180.20. 

September Feeder cattle posted an inside day with a lower close on Thursday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Close below last-Monday's low crossing at $178.10 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews this month's rally, February's high crossing at $188.25 is the next upside target. First resistance is last-Friday's high crossing at $184.90. Second resistance is February's high crossing at $188.25. First support is last-Monday's low crossing at $178.10. Second support is the 50-day moving average crossing at $175.77.     

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

September coffee closed lower on Thursday as it consolidates some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible. Closes above the 50-day moving average crossing at $22.21 would open the door for additional gains near-term. Closes below Monday's low crossing at $20.42 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $22.21. Second resistance is July's high crossing at $22.90. First support is Monday's low crossing at $20.42. Second support is July's low crossing at $19.60.                     

September cocoa closed lower due to profit taking on Thursday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below Monday's low crossing at 22.85 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 24.07 would open the door for additional gains near-term.      

October sugar closed higher on Thursday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month's decline, the 38% retracement level of the 2020-2022 rally crossing at 16.88 is the next downside target. Closes above the 20-day moving average crossing at 18.40 would signal that a short-term low has been posted.                  

December cotton closed higher on Thursday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the June 30^th high crossing at 99.49 is the next upside target. If December renews the decline off May's high, the 75% retracement level of the 2020-2022 rally crossing at 74.58 is the next downside target.