CURRENCIES

The September U.S. dollar index is higher in early morning dealings. Slow stochastics are bullish today. The dollar index finds shorter-term technical resistance at Friday’s high of 85.08, and then at last week’s high of 85.42. Shorter-term support is seen at Friday’s low of 84.42 and then at 84.00. The September Euro is lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then more sell stops just below support at 1.2770. Shorter-term technical resistance for the Euro is seen at today’s high of 1.2875 and then at 1.2900. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are still into overbought territory and do suggest near-term weakness.

METALS

The precious metals are trading sharply lower in early morning dealings, on a pullback from larger gains seen last week, and amid the stronger dollar today. In August gold, shorter-term technical support is seen at the overnight low of $623.20. Light sell stops likely reside just below that level, and then just below support at $620.00. Buy stops likely reside just above resistance at the overnight high of $634.00 and then heavier buy stops just above resistance at last week’s high of $639.50.

ENERGIES

Prices are trading moderately lower in early electronic dealings. Prices Friday hit a fresh nearly two-month high and then reversed course to finish the day lower, near the session low and scored a bearish “outside day” down on the daily bar chart. In August crude, look for buy stops to reside just above resistance at $74.00 and then at just above resistance at $74.50. Look for sell stops just below shorter-term support at the overnight low of $73.48, and then just below support at $73.00. Technical odds have increased that a near-term top is in place.

GRAINS

Prices were modestly higher in overnight electronic trading. Weather forecasters are now saying a blocking high-pressure ridge could set up over the western Corn Belt later this week, and that’s bullish. Grain traders will continue to watch the “outside markets.” Lower gold and crude oil prices will temper any gains in the grains today.