KEY EVENTS TO WATCH FOR:

Monday, August 6, 2018  

10:00 AM ET. July Employment Trends Index

                       ETI (previous 108.94)

                       ETI, Y/Y% (previous +5.2%)

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The September NASDAQ 100 closed higher on Friday as it extends the rally off Monday's low. 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 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 open the door for additional weakness and a possible test of June's low crossing at 6956.00. 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 closed higher on Friday as it extended the rally off Thursday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes this summer's rally, January's high crossing at 2885.00 is the next upside target. Closes below the 50-day moving average crossing at 2773.68 would confirm that a short-term low 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 2885.00. First support is the 20-day moving average crossing at 2810.85. Second support is the 50-day moving average crossing at 2773.68.  

The Dow closed higher on Friday. The U.S. posted another solid round of hiring in July with some 157,000 new jobs were created despite widespread complaints among businesses about a shortage of skilled labor.The increase in hiring fell below the 195,000 forecasted but job gains in May and June was stronger than previously reported. The smaller gain in employment was also a result of governments cutting jobs in education during the summer break and the closure of Toys R Us. Otherwise hiring may have topped 200,000. Unemployment, meanwhile, slipped below 4% to 3.9%, as more people found work. 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 to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25,166.77 would confirm that a short-term top has been posted. If the Dow extends the rally off June's low, February's high crossing at 25,800.35 is the next upside target. First resistance is July's high crossing at 25,587.24. Second resistance is February's high crossing at 25,800.35. First support is the 20-day moving average crossing at 25,166.77. Second support is June's low crossing at 23,997.21.      

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September T-bonds closed up 16/32's at 142-30.

September T-bonds posted an inside day with a higher close on Friday 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 Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 143-31 would confirm that a short-term low has been posted. If September extends the decline off July's high, May's low crossing at 139-11 is the next downside target. First resistance is the 20-day moving average crossing at 143-31. 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 closed up 85-points at 119-190.

September T-notes closed higher on Friday 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 Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near.  Closes above the 20-day moving average crossing at 119.255 are needed to confirm that a low has been posted. If September resumes the decline off July's high, June's low crossing at 118.295 is the next downside target. First resistance is July's high crossing at 120.200. Second resistance is May's high crossing at 121.030. First support is June's low crossing at 118.295. Second support is May's low crossing at 117.300.      

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September crude oil posted an inside day with a lower close on Friday. The mid-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. If September resumes 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 the reaction 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 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September extends this week's decline, July low crossing at 204.74 is the next downside target. Closes above last-Thursday's high crossing at 218.57 would confirm that a short-term low has been posted. First resistance is July's high crossing at 223.88. Second resistance is May's high crossing at 229.73. First support is Thursday's low crossing at 208.60. Second support is July's low crossing at 204.74.

September unleaded gas closed slightly higher 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 to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, July's low crossing at 197.15 is the next downside target. First resistance is July's high crossing at 215.31. Second resistance is May's high crossing at 224.67. 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 closed higher on Friday extending 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off July's low, July's high crossing at 2.896 is the next upside target. Closes below the 20-day moving average crossing at 2.759 are needed to confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2.877. Second resistance is July's high crossing at 2.896. First support is the 20-day moving average crossing at 2.759. Second support is July's low crossing at 2.671.   

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The September Dollar closed lower on Friday while extending the June-August trading range. The mid-range close sets the stage for a steady 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 renews the rally off July's low, weekly resistance crossing at 97.70 is the next upside target. Closes below last-Thursday's low crossing at 93.87 would confirm that a short-term top has been posted. First resistance is July's high crossing at 95.44. Second resistance is weekly resistance crossing at 97.70. First support is last-Thursday's low crossing at 93.87. Second support is June's low crossing at 92.76.    

The September Euro closed lower on Friday while extending the May-July-trading range. 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 extends this week's decline, June's low crossing at 115.82 is the next downside target. If September renews the rally off June's low, June's high crossing at 119.40 is the next upside target. First resistance is July's high crossing at 118.52. Second resistance is June's high crossing at 119.40. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.    

The September British Pound closed lower on Friday. 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 bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off April's high, the 75% retracement level of the 2016-2018-rally crossing at 1.2857 is the next downside target. Closes above the 50-day moving average crossing at 1.3268 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3268. Second resistance is July's high crossing at 1.3403. First support is July's low crossing at 1.2988. Second support is the 75% retracement level of the 2016-2018-rally crossing at 1.2857. 

The September Swiss Franc 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 bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off February's high, the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880 is the next downside target. If September extends the rally off July's low, June's high crossing at 1.0302 is a potential upside target. 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 closed higher on Friday as it extends the rally off June'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 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, June's high crossing at 77.94 is the next upside target. Closes below the 20-day moving average crossing at 76.34 would temper the near-term friendly outlook. First resistance is today's high crossing at 77.19. 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 closed 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off July's low, the 50-day moving average crossing at 0.9083 is the next upside target. If September renews the decline off May's high, the December-2016 low crossing at 0.8805 is the next downside 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.   

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October gold closed higher due to short covering on Friday as it consolidates some of this summer's decline. 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 October extends the decline off April's high, the 87% retracement level of the 2016-2018 rally crossing at 1190.90 is the next downside target. Closes above the 20-day moving average crossing at 1234.70 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1234.70. Second resistance is July's high crossing at 1266.90. First support is today's low crossing at 1207.40. Second support is the 87% retracement level of the 2016-2018 rally crossing at 1190.90.

September silver closed higher on Friday as it extends the trading range of the past three-weeks. The high-range close set 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 September renews the decline off June's high, weekly support 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 July's high crossing at 16.260. First support is July's low crossing at 15.185. Second support is weekly support crossing at 15.145.        

September copper closed higher due to short covering 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 September resumes the decline off June's high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. If September renews the rally off July's low, the 50-day moving average crossing at 297.02 is the next upside target. First resistance is last-Wednesday's high crossing at 286.70. Second resistance is the 50-day moving average crossing at 297.02.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. 

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December Corn closed up 3-cents at 3.84 1/4. 

December corn closed 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 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 20-day moving average crossing at 3.68 3/4. Second support is July's low crossing at 3.50 1/4.  

December wheat closed down a 1/2-cent at 5.83 1/4. 

December wheat closed fractionally lower on Friday as it consolidated some of the rally off July's low. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.36 1/2 would confirm that a short-term top has been posted. If December extends the rally off July's low, the July-2017 high crossing at 6.22 is the next upside target. 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. Second support is the 20-day moving average crossing at 5.36 1/2.        

December Kansas City Wheat closed down 1 1/2-cents at 5.95 1/4. 

December Kansas City wheat closed lower on Friday 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 Monday. 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 5.43 would confirms that a short-term top has been posted. If December extends the rally off July's low, the July-2017 high crossing at 6.42 is the next upside target. First resistance is Thursday'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 5.70. Second support is the 20-day moving average crossing at 5.43. 

December Minneapolis wheat closed up 2-cents at 6.29 3/4. 

December Minneapolis wheat closed higher 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 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 would 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 1/4. Second support is the 20-day moving average crossing at 5.80 3/4.  

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November soybeans closed up 6 1/2-cents at 9.04. 

November soybeans closed 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 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 1/2 are needed to 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 20-day moving average crossing at 8.72 1/2. Second support is July's low crossing at 8.26 1/4.

December soybean meal closed down $0.20 at 332.40. 

December soybean meal closed slightly lower 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 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 temper the near-term friendly outlook. 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 38% retracement level of the May-July-decline crossing at 348.60. Second resistance is the 50% retracement level of the May-July-decline crossing at 356.90. First support is July's low crossing at 321.50. Second support is January's low crossing at 318.40. 

December soybean oil closed up 23-points. At 28.84. 

December soybean oil closed higher on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. 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 Tuesday's high crossing at 29.39. Second resistance is the 50-day moving average crossing at 29.86. First support is July's low crossing at 27.95. Second support is weekly support crossing at 26.99.

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October hogs closed up $1.13 at $50.78. 

October hogs closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 52.41 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 58.40. First support is today's low crossing at 49.35. Second support is weekly support crossing at 46.24.  

October cattle closed up $2.05 at 112.00. 

October cattle close 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July's low, July's high crossing at 111.53 is the next upside target. Closes below the 50-day moving average crossing at 108.26 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 112.25. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is the reaction low crossing at 108.18. Second support is July's low crossing at 105.48.  

August Feeder cattle closed up $1.65 at $152.85. 

August Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May's low, is February's high crossing at 155.98 is the next upside target. Closes below the 50-day moving average crossing at 149.33 would open the door for additional weakness near-term. 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 149.33. Second support is July's low crossing at 147.82.    

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

September coffee closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. 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 lower on Friday as it extends this summer's decline. The low-range close sets the stage for a steady to lower 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 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 23.04 are needed to confirm that a short-term low has been posted.

October sugar closed lower on Friday. The mid-range close set the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 11.01 would confirm that a short-term low has been posted. If October extends the decline off June's high, weekly support crossing at 10.13 is the next downside target. 

October cotton closed lower on Friday. The mid-range close sets the stage for a steady opening on Monday. 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 88.47 would confirm that a short-term top has been posted. If October renews the rally off July's low, the 75% retracement level of the June-July decline crossing at 92.48 is the next upside target.