KEY EVENTS TO WATCH FOR:
Thursday, August 4, 2022
7:30 AM ET. July Challenger Job-Cut Report
Job Cuts, M/M% (previous +57%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 344K)
Soybeans (Metric Tons) (previous 690.2K)
Wheat (Metric Tons) (previous 412K)
8:30 AM ET. June U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -85.55B)
Exports (USD) (previous 255.89B)
Exports, M/M% (previous +1.2%)
Imports (USD) (previous 341.44B)
Imports, M/M% (previous +0.6%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 256K)
Jobless Claims, Net Chg (previous -5K)
Continuing Claims (previous 1359000)
Continuing Claims, Net Chg (previous -25K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2416B)
Working Gas In Storage, Net Chg (Cbf) (previous +15B)
12:00 AM ET. July Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, August 5, 2022
8:30 AM ET. July U.S. Employment Report
Non-Farm Payrolls (previous +372K)
Unemployment Rate (previous 3.6%)
Avg Hourly Earnings (USD) (previous 32.08)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (previous +0.31%)
Avg Hourly Earnings, Y/Y% (previous +5.11%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg
Government Payrolls (previous -9K)
Private Payroll (previous +381K)
Participation Rate (previous 62.2%)
Non-Farm Payrolls Bench Net Chg
3:00 PM ET. June Consumer Credit
Consumer Credit Net Chg (USD) (previous +22.3B)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped up and closed sharply higher on Wednesday as investors push through the earnings season and weighed upbeat economic data out of the services sector. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off June's low, June's high crossing at 33,272.34 is the next upside target. Closes below the 20-day moving average crossing at 31,174.24 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 31,174.24. Second support is July's low crossing at 30.143.93.
The September NASDAQ 100 closed sharply higher on Wednesday as it extended the rally off June's low. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 13,812.10 is the next upside target. Closes below the 20-day moving average crossing at 12,359.67 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 13,296.0. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 13,812.10. First support is is the 20-day moving average crossing at 12,359.67. Second support is the July 26th low crossing at 12,072.00.
The September S&P 500 closed higher on Wednesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the 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 3957.57 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-June decline crossing at 4215.81. Second resistance is the April 28th high crossing at 4308.50. First support is the 20-day moving average crossing at 3957.57. Second support is the July 14th low crossing at 3723.75.
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September T-bonds closed up 16-pts. at 143-15.
September T-bonds closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 140-25 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 147-27 is the next upside target. First resistance is Tuesday's high crossing at 145-31. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 147-27. First support is the 20-day moving average crossing at 140-25. Second support is the 50-day moving average crossing at 138-19.
September T-notes closed up 80-pts. at 120.120.
September T-notes closed slightly lower on Wednesday following Tuesday's key reversal down signaling that a short-term top might have been posted with today's high. The high-range close sets the stage for a steady to slightly lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 119.091 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 Monday's high crossing at 122.020. 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 119.091. Second support is the 50-day moving average crossing at 118.144.
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September crude oil closed sharply lower on Wednesday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at $96.54 would temper the near-term bearish outlook. First resistance is last-Friday's high crossing at $101.88. Second resistance is the 50-day moving average crossing at $103.62. First support is the July 14thlow crossing at $88.23. Second support is the 38% retracement level of the 2021-2022 rallycrossing at $86.43.
September heating oil closed higher on Wednesday while extending July's trading range. The mid-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 3.7911 would confirm an upside breakout of July's trading range. First resistance is the 50-day moving average crossing at 3.7911. Second resistance is June's high crossing at $4.3703. First support is the July 6th low crossing at 3.2946. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.1874.
September unleaded gas posted a key reversal down as it closed lower on Wednesday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above last-Friday's high crossing at $3.2492 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $3.2492. Second resistance is the 50-day moving average crossing at $3.3989. First support is July'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 posted a key reversal up as it closed higher on Wednesday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 7.478 would signal that a short-term top has been posted. If September renews the rally off July's low, June's high crossing at 9.598 is the next upside target. First resistance is July'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 7.546. Second support is the 20-day moving average crossing at 7.479.
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The September Dollar closed higher on Wednesday following Tuesday's key reversal up as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 106.862 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $104.943 would open the door for additional weakness near-term. First resistance is the July 27th high crossing at $107.300. Second resistance is July's high crossing at $109.140. First support is the 50-day moving average crossing at $104.943. Second support is the June 16th low crossing at 103.200.
The September Euro closed lower on Wednesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. Closes above the July 21st high crossing at $1.03200 would signal that a low has been posted while opening the door for additional gains near-term. First resistance is the July 21st high crossing at $1.03200. Second resistance is the 50-day moving average crossing at $1.04585. First support is the July 14th 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 lower on Wednesday as it consolidated some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2036 would temper the near-term friendly outlook. If September renews the rally off July's low, the 25% retracement level of the 2021-2022 decline crossing at 1.2385 is the next upside target. First resistance is the 25% retracement level of the 2021-2022 decline crossing at 1.2385. Second resistance is the May high crossing at 1.2677. First support is the 20-day moving average crossing at 1.2036. Second support is July's low crossing at 1.1778.
The September Swiss Franc closed lower on Wednesday following yesterday's key reversal down. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.03727 would signal that a short-term top has been posted. If September renews the rally off July's low, the 38% retracement level of the 2021-2022 decline crossing at 1.06242 is the next upside target. First resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.06242. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 1.08120. First support is the 20-day moving average crossing at 1.03727. Second support is the July 14thcrossing at 1.01650. Third support is June's low crossing at 1.00235.
The September Canadian Dollar closed higher on Wednesday as it consolidates some of the decline off Monday's high.The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 77.35 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 77.41. Second support is July's low crossing at 75.61.
The September Japanese Yen closed lower on Wednesday following yesterday's downside reversal as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.073700 is the next downside target. First resistance is the 25% retracement level of the crossing at 0.075146. If September extends the rally off July's low, the 38% retracement level of this year's decline crossing at 0.078281 is the next upside target. First resistance is Tuesday's high crossing at 0.076960. Second resistance is the 38% retracement level of the crossing at 0.078281. First support is the 20-day moving average crossing at 0.073700. Second support is July's low crossing at 0.072085.
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December gold closed lower on Wednesday as it consolidates some of the rally off July's low. The high-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the 50-day moving average crossing at $1812.00 is the next upside target. Closes below the 20-day moving average crossing at $1749.50 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $1812.00. Second resistance is the 38% retracement level of the March-July decline crossing at $1846.60. First support is the 20-day moving average crossing at $1749.50. Second support is July's low crossing at $1696.10.
September silver closed lower on Wednesday due to profit taking as it consolidated some of the rally off July's low. The high-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 20.507 would open the door for additional gains and a possible test of the 38% retracement level of the March-July decline crossing at 21.575. Closes below the 20-day moving average crossing at 19.108 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 20.507 Second resistance is the 38% retracement level of the March-July decline crossing at 21.575. First support is the 20-day moving average crossing at 19.108. Second support is the July 14th low crossing at 18.010.
September copper closed lower on Wednesday 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 Thursday's night 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. Closes below the 20-day moving average crossing at 3.3973 would signal that a short-term top has been posted. If September renews the rally off July's low, the 50-day moving average crossing at 3.8178 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 Monday's high crossing at 3.5970. Second resistance is the 50-day moving average crossing at 3.8178. First support is the July 15th low crossing at 3.1315. Second support is the 75% retracement level of the 2020-2021 rally crossing at 2.8770.
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December Corn closed up $0.02-cents at $5.96 1/4.
December corn closed higher on Wednesday as it consolidates some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Friday's high, last-Tuesday's gap crossing at $5.84 1/4 is the next downside target. Closes above last-Friday's high crossing at $6.36 1/2 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at $6.36 1/2. Second resistance is the 50-day moving average crossing at $6.54. First support is last-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.
September wheat closed down $0.11-cents at $7.63 3/4.
September wheat closed lower on Wednesday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to 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 last-Friday's high crossing at $8.45 3/4 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $8.45 3/4. Second resistance is the July 11th high crossing at $9.40 1/4. First support is today's low crossing at $7.52. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.
September Kansas City Wheat closed down $0.06 3/4-cents at $8.35 1/2.
September Kansas City wheat closes lower on Wednesday as it extends the trading range of the past four-weeks. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to 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 last-Friday's high crossing at $9.15 1/4 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $9.15 1/4. Second resistance is the July 11th high crossing at $9.98 1/4. First support is July'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 $0.02-cents at $8.75 1/4.
September Minneapolis wheat closed slightly higher on Wednesday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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. Closes above the July 20th high crossing at $9.56 would signal that a short-term low has been posted. First resistance is the July 20th high crossing at $9.56. Second resistance is the July 11th high crossing at $9.56. First support is today's low crossing at $8.64 3/4. Second support is the 75% retracement level of the January-May rally crossing at $8.12 3/4.
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November soybeans closed down $0.16 3/4-cents at $13.69.
November soybeans closed lower on Wednesday as it extended the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $13.72 would confirm that a short-term top has been posted. If November renews the rally off last-Friday's low, the June 30th high crossing at $15.07 3/4 is the next upside target. First resistance is last-Friday's high crossing at $14.89. Second resistance is the June 30th high crossing at $15.07 3/4. First support is the bottom of last-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 $5.00 at $398.10.
December soybean meal closed lower on Wednesday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at $399.20 would signal that a short-term top has been posted. If December resumes the rally off July's low, March's high crossing at $436.80 is the next upside target. First resistance is March's high crossing at $436.80. Second resistance is February's high crossing at $439.00. First support is the 50-day moving average crossing at $399.20. Second support is the July 22nd low crossing at $380.80.
December soybean oil closed down 39-pts. at 61.00.
December soybean oil closed lower on Wednesday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 59.56 would signal that a short-term top has been posted. If December renews the rally off July's low, the 50-day moving average crossing at 66.67 is the next upside target. First resistance last-Friday's high crossing at 66.11. Second resistance is the 50-day moving average crossing at 66.67. First support is the 20-day moving average crossing at 59.56. Second support is July's low crossing at 54.42.
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October hogs closed down $0.58 at $95.65.
October hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are overbought, diverging and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $94.80 would signal that a short-term top has been posted. If October renews the rally off July's low, April's high crossing at $100.38 is the next upside target. First resistance is last-Thursday's high crossing at $97.88. Second resistance is April's high crossing at $100.38. First support is the 20-day moving average crossing at $94.80. Second support is last-Tuesday's low crossing at $92.43.
October cattle closed up $1.73 at $143.85
October cattle closed sharply higher on Wednesday as it renewed the rally off May's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, May's high crossing at $145.10 is the next upside target. Closes below the 20-day moving average crossing at $141.45 would confirm that a short-term top has been posted. First resistance is May's high crossing at $145.10. Second resistance is the top of the April 25th gap crossing at $145.98. First support is the 20-day moving average crossing at $141.45. Second support is the 50-day moving average crossing at $140.52.
September Feeder cattle closed up $1.43 at $182.88.
September Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Close below last-Friday's low crossing at $178.28 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off May's low, February's high crossing at $188.25 is the next upside target. First resistance is the July 22nd high crossing at $184.90. Second resistance is February's high crossing at $188.25. First support is last-Friday's low crossing at $178.28. Second support is the 50-day moving average crossing at $176.58.
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September coffee closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below last-Monday's low crossing at $20.42 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at $22.16 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $22.16. Second resistance is July's high crossing at $22.90. First support is last-Monday's low crossing at $20.42. Second support is July's low crossing at $19.60.
September cocoa closed sharply lower on Wednesday as it extended the decline off July's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Today's close below last-Monday's low crossing at 22.85 signals that a short-term top has been posted. Closes above the 50-day moving average crossing at 23.93 would open the door for additional gains near-term.
October sugar closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 July's high, 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 18.31 would signal that a short-term low has been posted.
December cotton closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the June 30th 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.