KEY EVENTS TO WATCH FOR:

Friday, August 3, 2018   

8:30 AM ET. July U.S. Employment Report

                       Non-Farm Payrolls (expected +190K; previous +213K)

                       Unemployment Rate (expected 3.9%; previous 4.0%)

                       Avg Hourly Earnings (USD) (previous 26.98)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.05)

                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.19%)

                       Avg Hourly Earnings, Y/Y% (previous +2.7%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +11K)

                       Private Payroll (previous +202K)

                       Participation Rate (previous 62.9%)

                       Non-Farm Payrolls Bench Net Chg

8:30 AM ET. June U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -46.6B; previous -43.05B)

                       Exports (USD) (previous 215.33B)

                       Exports, M/M% (previous +1.9%)

                       Imports (USD) (previous 258.38B)

                       Imports, M/M% (previous +0.4%)

9:45 AM ET. July US Services PMI

                       PMI, Services (expected 56.2; previous 56.5)

10:00 AM ET. July ISM Non-Manufacturing Report on Business

                       Non-Mfg Composite Idx (expected 58.5; previous 59.1)

                       Non-Mfg Business Idx (previous 63.9)

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

The STOCK INDEXES:The September NASDAQ 100 was steady to slightly higher overnight. Today's jobs report will show how many jobs were created in July. However, what will be more important is whether or not wages are on the increase or not because of a tight labor market. Rising wages could trigger higher inflation and interest rates down the road. Economists in pre-report estimates predict an increase of 194,000 new jobs. Executives and companies are concerned by a lack of skilled labor to fill a record number of job opening. And the complaints are growing. Wages are rising but still not as rapidly as in past economic good times. Hourly pay rose at a 2.7% yearly rate as of June, but that’s well below the 4% peak during the last expansion that lasted from 2001 to 2007. Wages typically rise 3% to 4% a year when the economy is running full tilt. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, July's high crossing at 7530.00 is the next upside target. Closes below Monday's low crossing at 7166.75 would confirm a short-term top has been posted while opening the door for additional weakness near-term. First resistance is July's high crossing at 7530.00. Second resistance is unknown. First support is Monday's low crossing at 7166.75. Second support is June's low crossing at 6956.00.    

The September S&P 500 was steady to slightly higher overnight following Thursday's key reversal up. 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, January's high crossing at 2885.30 is the next upside target. Closes below the 20-day moving average crossing at 2810.48 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the January-April-decline crossing at 2846.31. Second resistance is January's high crossing at 2885.30. First support is the 20-day moving average crossing at 2810.48. Second support is the 50-day moving average crossing at 2773.53.      

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

INTEREST RATES: September T-bonds were higher overnight as it consolidates some of Wednesday's loss. 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 July's high, May's low crossing at 139-11 is the next downside target. Closes above the 20-day moving average crossing at 143-30 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 143-30. Second resistance is July's high crossing at 146-11. First support is Wednesday's low crossing at 141-27. Second support is May's low crossing at 139-11.  

September T-notes were higher overnight. 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 July's high, June's low crossing at 118.295 is the next downside target. Closes above the 20-day moving average crossing at 119.251 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.251. Second resistance is July's high crossing at 120.200. First support is June's low crossing at 118.295. Second support is May's low crossing at 117.300.    

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

ENERGY MARKETS: SeptemberNymex crude oil was steady to lower overnight. 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, July's high crossing at 72.98 is the next upside target. If September resumes the decline off July's high, June's low crossing at 62.99 is the next downside target. First resistance is Monday's high crossing at 70.43. Second resistance is July's high crossing at 72.98. First support is July's low crossing at 66.29. Second support is June's low crossing at 62.99.    

September heating oil was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, July's low crossing at 204.74 is the next downside target. Closes above last-Thursday's high crossing at 218.57 would renew the rally off July's low. First resistance is July's high crossing at 223.88. Second resistance is May's high crossing at 229.73. First support is the 50% retracement level of the February-May-rally crossing at 205.59. Second support is the 62% retracement level of the February-May-rally crossing at 199.85.

September unleaded gas was steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's losses, July's low crossing at 197.15 is the next downside target. Closes above the 10-day moving average crossing at 208.11 are needed to confirm that a short-term top has been posted. First resistance is July's high crossing at 215.31. Second resistance is the reaction high crossing at 217.41. First support is the 62% retracement level of the February-May-rally crossing at 196.03. Second support is the 75% retracement level of the February-May-rally crossing at 189.92.

September Henry natural gas was steady to slightly higher overnight as it extends the rally off July's low.Stochastics and the RSI are 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 2.851 is the next upside target. Closes below Thursday's low crossing at 2.740 would confirm a short-term top has been posted while opening the door for a possible test of July's low crossing at 2.671. First resistance is the 50-day moving average crossing at 2.851. Second resistance is June's high crossing at 3.018. First support is Thursday's low crossing at 2.740. Second support is July's low crossing at 2.671.  

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

CURRENCIES:The September Dollar was steady to slightly lower overnight while extending the May-July trading range. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, July's high crossing at 95.44 is the next upside target. Closes below last-Thursday's low crossing at 93.87 would open the door for a larger-degree decline into early-August. From a broad perspective, closes above July's high crossing at 95.44 or below June's low crossing at 92.76 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is July's high crossing at 95.44. Second resistance is weekly resistance crossing at 97.70. First support is July's low crossing at 99.44. Second support is June's low crossing at 92.76.  

The September Euro was steady to slightly higher overnight while extending the May-July trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above June's high crossing at 119.40 or below June's low crossing at 115.82 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is July's high crossing at 118.52. Second resistance is June's high crossing at 119.40. First support is June's low crossing at 115.82. Second support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. 

The September British Pound was slightly higher overnight.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high, is the 75% retracement level of the 2016-2018-rally crossing at 1.2862 is the next downside target. Closes above the 50-day moving average crossing at 1.3269 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3269. Second resistance is July's high crossing at 1.3403. First support is July's low crossing at 1.2988. Second support is is the 75% retracement level of the 2016-2018-rally crossing at 1.2862.  

The September Swiss Franc was slightly higher overnight. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high, the 62% retracement level of the 2016-2018-rally on the weekly continuation chart crossing at 0.8880 is the next downside target. Closes above July's high crossing at 1.0204 would confirm that a short-term low has been posted. First resistance is July's high crossing at 1.0204. Second resistance is June's high crossing at 1.0302. First support is July's low crossing at 0.9984. Second support is the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880. 

The September Canadian Dollar was slightly higher overnight. 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 reaction high crossing at 77.36 is the next upside target. Closes below the 20-day moving average crossing at 76.34 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 77.36. Second resistance is June's high crossing at 77.94. First support is July's low crossing at 75.31. Second support is June's low crossing at 74.80.  

The September Japanese Yen was steady to slightly higher overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September extends Tuesday's decline, July's low crossing at 0.8867 is the next downside target. If September resumes the rally off July's low, the 50-day moving average crossing at 0.9083 is the next upside target. First resistance is the 50-day moving average crossing at 0.9083. Second resistance is the reaction high crossing at 0.9198. First support is July's low crossing at 0.8867. Second support is the December-2016 low crossing at 0.8805. 

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

PRECIOUS METALS: October gold was steady to slightly higher overnight. 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 April's high, the 87% retracement of the 2016-2018 rally crossing at 1190.90 is the next downside target. Closes above the 20-day moving average crossing at 1234.60 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1234.60. Second resistance is the 50-day moving average crossing at 1267.20. First support is the overnight low crossing at 1207.40. Second support is the 87% retracement of the 2016-2018 rally crossing at 1190.90.

September silver was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off June's high, the July-2017 low on the weekly continuation chart crossing at 15.145 is the next downside target. Closes above the reaction high crossing at 15.700 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 15.700. Second resistance is the 50-day moving average crossing at 16.157. First support is July's low crossing at 15.185. Second support is the July-2017 low on the weekly continuation chart crossing at 15.145. 

September copper was higher overnight as it consolidated some of this week's decline. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. Closes above last-Wednesday's high crossing at 286.70 are needed to confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 286.70. Second resistance is the 50-day moving average crossing at 297.06. First support is July's low crossing at 267.35. Second support is the 62% retracement level of the 2016-2018 rally crossing at 250.74.

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

December corn was higher overnight as it extends this week's trading range.The high-range close sets the stage for a steady to higher opening when the day 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% retracement level of the May-July-decline crossing at 3.89 3/4 is the next upside target. Closes below the 20-day moving average crossing at 3.68 3/4 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the May-July-decline crossing at 3.89 3/4. Second resistance is the 62% retracement level of the May-July-decline crossing at 3.99. First support is the 10-day moving average crossing at 3.77 1/4. Second support is the 20-day moving average crossing at 3.68 3/4.  

December wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. If December extends the rally off July's low, the July-2017 high crossing at 6.22 is the next upside target. Closes below the 20-day moving average crossing at 5.36 1/2 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 6.13. Second resistance is the July-2017 high crossing at 6.22. First support is the 10-day moving average crossing at 5.61 1/4. Second support is the 20-day moving average crossing at 5.36 1/2.        

December Kansas City Wheat closed up 5 1/2-cents at 5.96 3/4. 

December Kansas City wheat closed higher on Thursday as it extends the rally off July's low but well off early-session gains due to profit taking. The low-range close sets the stage for a steady to lower 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 the rally off July's low, the July-2017 high crossing at 6.42 is the next upside target. Closes below the 20-day moving average crossing at 5.40 would confirms that a short-term top has been posted. First resistance is today's high crossing at 6.24 1/4. Second resistance is the July-2017 high crossing at 6.42. First support is 10-day moving average crossing at 5.63 3/4. Second support is the 20-day moving average crossing at 5.40. 

December Minneapolis wheat was higher overnight as it extends the rally off July's low. The high-range overnight trade sets the stage for a steady to higher opening when the day 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, May's high crossing at 6.60 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.80 3/4 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 6.52 1/2. Second resistance is May's high crossing at 6.60 1/2. First support is the 10-day moving average crossing at 6.08 1/2. Second support is the 20-day moving average crossing at 5.80 3/4.  

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

November soybeans was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 8.72 1/4 would confirm that a short-term top has been posted. If November extends the rally off July's low, the 50% retracement level of the May-July-decline crossing at 9.42 3/4 is the next upside target. First resistance is the 38% retracement level of the May-July-decline crossing at 9.15. Second resistance is the 50% retracement level of the May-July decline crossing at 9.42 3/4. First support is the reaction low crossing at 8.57. Second support is July's low crossing at 8.26 1/4.

December soybean meal was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 329.40 would confirm that a short-term top has been posted. If December extends the rally off July's low, the 38% retracement level of the May-July-decline crossing at 348.60 is the next upside target. First resistance is the 50-day moving average crossing at 341.90. Second resistance is the 38% retracement level of the May-July-decline crossing at 348.60. First support is the 20-day moving average crossing at 329.40. Second support is July's low crossing at 321.50. 

December soybean oil was slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 28.70 are needed to confirm that a short-term top has been posted. If December resumes the rally off July's low, the 50-day moving average crossing at 29.86 is the next upside target. First resistance is the 50-day moving average crossing at 29.86. Second resistance is the reaction high crossing at 31.29. First support is July's low crossing at 29.78. Second support is the August-2015 low on the monthly continuation chart crossing at 25.47.

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

October hogs closed down $1.13 at $49.65. 

October hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, weekly support crossing at 46.24 is the next downside target. Closes above the 20-day moving average crossing at 52.79 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 55.98. Second resistance is the 50-day moving average crossing at 58.63. First support is today's low crossing at 49.60. Second support is weekly support crossing at 46.24.  

October cattle closed down $0.33 at 109.95. 

October cattle close lower on Thursday. The mid-range close sets the stage for a steady opening when Friday'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 50-day moving average crossing at 108.14 would confirm that a short-term top has been posted. If October extends the rally off July's low, July's high crossing at 111.53 is the next upside target. First resistance is the 62% retracement level of the February-May-decline crossing at 111.23. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is the reaction low crossing at 105.13. Second support is June's low crossing at 103.50.  

August Feeder cattle closed down $0.63 at $151.20. 

August Feeder cattle closed lower on Thursday. The mid-range close sets the stage for a steady opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 149.14 would open the door for additional weakness near-term. If August renews the rally off May's low, is February's high crossing at 155.98 is the next upside target. First resistance is July's high crossing at 154.93. Second resistance is February's high crossing at 155.98. First support is the 50-day moving average crossing at 149.14. Second support is July's low crossing at 147.82.    

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

September coffee closed lower on Thursday marking a downside breakout of July's trading range. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, monthly support crossing at 10.56 is the next downside target. Closes above Monday's high crossing at 11.34 would confirm that a short-term low has been posted.      

September cocoa closed higher on Thursday as it consolidated some of this summer's decline. The mid-range close sets the stage for a steady 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 September extends this summer's decline, the 87% retracement level of the December-April-rally crossing at 19.86 is the next downside target. Closes above the 20-day moving average crossing at 23.25 are needed to confirm that a short-term low has been posted.

October sugar closed higher on Thursday as it extended some of the decline off June's high. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, weekly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 11.04 would confirm that a short-term low has been posted. 

October cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher 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 20-day moving average crossing at 88.32 would confirm that a short-term top has been posted. If October extends the rally off July's low, the 75% retracement level of the June-July decline crossing at 92.48 is the next upside target.