CURRENCIES

The September U.S. dollar index is slightly higher in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.26 and then at 85.50. Shorter-term support is seen at the overnight low of 84.89 and then at last week’s low of 84.50. Wyckoff’s Intra Day Market Rating: 5.0

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 the overnight low of 1.2768 and then more sell stops just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2828 and then at 1.2850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 5.0

METALS

Gold is trading higher in early morning dealings, on a corrective bounce from big losses Thursday. In December gold, shorter-term technical support is seen at the overnight low of $645.10 and then at $640.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $652.80 and then more buy stops just above resistance at $655.00. Wyckoff’s Intra-Day Market Rating: 5.0

ENERGIES

Prices are trading modestly higher in early electronic dealings, on a corrective bounce from big losses Thursday. In September crude, look for buy stops to reside just above resistance at $75.00 and then just above resistance at $75.50. Look for sell stops just below technical support at Thursday’s low of $73.90, and then more sell stops just below support at $73.50. Wyckoff’s Intra-Day Market Rating: 7.0

GRAINS

Prices were mixed in overnight electronic trading. Traders are awaiting this morning’s all-important U.S. crop production and supply and demand report. That fact that traders may have already factored in a bearish USDA report today could actually set the market up for a bullish surprise. And if the report is bearish, as expected, prices are not likely to react much. The caveat would be that a surprisingly bearish USDA report could send prices sharply lower. Corn Belt weather is now deemed near-term bearish.
Weather is becoming less of a focus for traders as the crops move toward maturity. Look for a more active trading day today.