The September U.S. dollar index is weaker in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 85.00 and then at 85.20. Shorter-term support is seen at the overnight low of 84.73 and then at 84.50. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is firmer in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2831 and then just below support at 1.2800. Shorter-term technical resistance for the Euro is seen at 1.2900 and then at 1.2925. 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
Gold is trading higher in early morning dealings, on more short covering from recent losses. In December gold, shorter-term technical support is seen at the overnight low of $626.00 and then at $619.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $632.00 and then more buy stops just above resistance at $635.00. Wyckoff’s Intra-Day Market Rating: 6.5
Crude oil prices are trading firmer in early electronic dealings, on more 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 $71.00 and then just above resistance at $71.50. Look for sell stops just below technical support at $70.00, and then more sell stops just below support at $69.30. Wyckoff’s Intra-Day Market Rating: 5.0
Prices were firmer in quiet overnight electronic trading, on follow-through strength from good gains Wednesday, led by wheat. 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, and showed good power Wednesday to suggest a near-term low is in place. 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.