CURRENCIES
The September U.S. dollar index is lower in early morning dealings, following the dollar-bearish U.S. jobs report. Prices hit a fresh two-month low today. Bears still have near-term technical momentum. Slow stochastics are turning bullish for today, however. The dollar index finds shorter-term technical resistance at today’s high of 85.01 and then at this week’s high of 85.44. Shorter-term support is seen at today’s low of 84.40 and then at 84.00. Wyckoff’s Intra Day Market Rating: 2.0
The September Euro is higher in early trading, on the bullish jobs report. Prices hit a fresh four-week high today. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2900 and then more sell stops just below support at 1.2850. Shorter-term technical resistance for the Euro is seen at the July high of 1.2925 and then at 1.2960. 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: 8.0
METALS
Gold is trading solidly higher in early morning dealings, amid a weaker U.S. dollar. Bulls still have good near-term technical momentum. In December gold, shorter-term technical support is seen at today’s low of $655.00 and then at $650.00. Sell stops likely reside just below those levels. Heavier buy stops likely reside just above resistance at this week’s high of $668.20 and then more buy stops just above resistance at $670.00. Wyckoff’s Intra-Day Market Rating: 8.0
ENERGIES
Prices are trading modestly lower in early electronic dealings, on a corrective pullback from this week’s strong gains. Bulls still have some 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 the overnight high of $75.68 and then just above resistance at $76.00. Look for sell stops just below technical support at $75.00, and then more sell stops just below support at $74.50. Wyckoff’s Intra-Day Market Rating: 7.0
GRAINS
Prices were higher in overnight electronic trading, on a corrective bounce from losses seen Thursday. Look for the Sparks Companies Inc. corn and soybean production estimates to come out today, and they will be closely watched and likely move the market. Weather forecasts are not in agreement today, with some calling for a return to hotter and drier weather in the Corn Belt next week, and others calling for cooler with better chances for precip. Noontime weather updates will be extra important today. My bias for the trading day today: Choppy price action early today, but the bias is still to the upside heading into the weekend.
