The September U.S. dollar index is slightly higher in early morning dealings, and did hit a fresh two-week high overnight. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.52 and then at 86.00. Shorter-term support is seen at the overnight low of 85.18 and then at 85.00. Wyckoff’s Intra Day Market Rating: 6.0
The September Euro is weaker in early trading. Prices hit a fresh two-week low overnight. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2738 and then more sell stops just below support at 1.2700. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2791 and then at Friday’s high of 1.2828. 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
Gold is trading solidly lower in early morning dealings, on the Middle East cease-fire agreement. In December gold, shorter-term technical support is seen at $630.00 and then at the overnight low of $626.20. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $640.00 and then more buy stops just above resistance at the overnight high of $643.60. Wyckoff’s Intra-Day Market Rating: 3.5
Prices are trading lower in early electronic dealings, on the Middle East news and on reports BP will continue to pump some oil from Alaska’s Prudhoe Bay. In September crude, look for buy stops to reside just above resistance at the overnight high of $73.95 and then just above resistance at $74.50. Look for sell stops just below technical support at the overnight low of $72.90, and then heavier sell stops just below solid support at the June low of $72.77. Wyckoff’s Intra-Day Market Rating: 5.0
Prices were lower in overnight electronic trading, on follow-through selling from strong losses Friday. The bears have fresh technical momentum in all the grains today, but especially in soybeans. The fact that beans sold off Friday, in the wake of a USDA report that was deemed bullish for beans, is significantly bearish. Bulls can argue that the grains, especially corn, are now technically oversold and due for at least a corrective bounce soon. Corn Belt weather is now deemed near-term bearish. Weather is becoming less of a focus for traders as the crops move toward maturity.