CURRENCIES
The September U.S. dollar index is slightly higher in early morning dealings. Bears still have some near-term technical momentum. Slow stochastics are turning bullish for today, however. The dollar index finds shorter-term technical resistance at the overnight high of 85.17 and then at this week’s high of 85.44. Shorter-term support is seen at Wednesday’s low of 84.74 and then at the July low of 84.42. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is modestly lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2770 and then more sell stops just below support at this week’s low of 1.2760. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2832 and then at Wednesday’s high of 1.2874. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are turning bearish for today. Wyckoff’s Intra Day Market Rating: 6.0
METALS
Gold is trading solidly lower in early morning dealings, on a corrective pullback from recent strong gains. Bulls still have good near-term technical momentum. In December gold, shorter-term technical support is seen at the overnight low of $655.40 and then at $650.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $664.60 and then heavier buy stops just above resistance at $668.20. Wyckoff’s Intra-Day Market Rating: 7.0
ENERGIES
Prices are trading lower in early electronic dealings, on news today that the tropical storm in the Caribbean is not expected to hit the U.S. mainland. Bulls still have some good near-term technical momentum on their side and today’s pullback is just some profit-taking pressure. In September crude, look for buy stops to reside just above resistance at $76.00 and then just above resistance at this week’s high of $76.50. Look for sell stops just below technical support at today’s electronic low of $74.91, and then more sell stops just below support at $74.50. Wyckoff’s Intra-Day Market Rating: 7.0
GRAINS
Prices were mostly lower in overnight electronic trading, on a bearish corn and soybean production forecast from the firm, F.C. Stone. Look for more private estimates to come out yet this week, and they will be closely watched. Extended weather forecasts are calling for a return to hotter and drier weather in the Corn Belt next week, and that will limit selling interest today. My bias for the trading day today: Choppy price action early today, but the bias is still to the upside as price action Wednesday was near-term bullish, technically.
