CURRENCIES
The September U.S. dollar index is firmer in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.95 and then at 85.20. Shorter-term support is seen at 84.80 and then at 84.50. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is weaker in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then just below Tuesday’s low of 1.2765. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2868 and then at 1.2877. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 6.0
METALS
Gold is trading higher in early morning dealings, on some short covering from recent losses. In December gold, shorter-term technical support is seen at the overnight low of $619.50 and then at the August low of $616.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $625.00 and then more buy stops just above resistance at $627.50. Wyckoff’s Intra-Day Market Rating: 5.5
ENERGIES
Crude oil prices are trading firmer in early electronic dealings, on short covering following recent sharp losses. I don’t look for much more downside in crude oil below the $70.00 level. In October crude, look for buy stops to reside just above resistance at $70.50 and then just above resistance at $71.00. Look for sell stops just below technical support at the overnight low of $69.72, and then more sell stops just below support at Tuesday’s low of $69.30. Wyckoff’s Intra-Day Market Rating: 4.0
GRAINS
Prices were mostly firmer in quiet overnight electronic trading. Wheat has made a strong rebound as it appears near-term lows are in place. Corn bulls are trying to put in a near-term low, but are fading and need to show power soon. Soybeans are still the weak sister of the complex, and more downside is likely in the near term. Seasonal studies do favor the corn and bean bears this time of year, as harvest is set to begin for those crops.
