CURRENCIES
The September U.S. dollar index is lower in early morning dealings. Prices hit a fresh two-week low overnight and the bulls are fading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.67 and then at 86.00. Shorter-term support is seen at 85.00 and then at 84.50. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is higher in early trading. Prices hit a fresh two-week high overnight. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2748 and then more sell stops just below support at 1.2700. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2793 and then at 1.2850. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 7.0
METALS
Gold is trading solidly higher in early morning dealings. In August gold, shorter-term technical support is seen at $630.00 and then at the overnight low of $621.60. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $634.00 and then more buy stops just above resistance at $640.00. Wyckoff’s Intra-Day Market Rating: 6.0
ENERGIES
Prices are trading solidly higher in early electronic dealings. In September crude, look for buy stops to reside just above resistance at $76.00 and then just above resistance at $76.50. Look for heavy sell stops just below technical support at $74.00, and then heavy sell stops just below strong support at $73.50. Wyckoff’s Intra-Day Market Rating: 6.0
GRAINS
Prices were mostly lower in overnight electronic trading. Corn and soybeans were lower on some beneficial rains that have fallen over the Corn Belt the past 48 hours. However, very hot weather forecasts for the Corn Belt in the coming days, with few chances for rain, will limit selling interest today. Wheat was weaker overnight on a lack of fresh bullish fundamental news. My bias for the trading day today: Choppy early, but if the extended Corn Belt weather forecasts don’t change, then prices could make a stronger move higher into the close. I think the downside is limited at present levels in all the grains.
