Crude Oil Near Steady in Early Dealings

CURRENCIES

The September U.S. dollar index is higher in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at Monday’s high of 84.90 and then at 85.20. Shorter-term support is seen at the overnight low of 84.64 and then at Monday’s low of 84.27. Wyckoff’s Intra Day Market Rating: 3.5

The September Euro is solidly lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 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 1.2912 and then at last week’s high of 1.2961. 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 near steady in early morning dealings. In December gold, shorter-term technical support is seen at $630.00 and then at $625.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $639.20 and then more buy stops just above resistance at $643.00. Wyckoff’s Intra-Day Market Rating: 6.0

ENERGIES

Crude oil prices are trading slightly firmer in early electronic dealings. In September crude, look for buy stops to reside just above resistance at the overnight high of $73.48 and then just above resistance at $74.00. Look for sell stops just below technical support at the overnight low of $72.90, and then more sell stops just below support at $72.50. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

Prices were mostly firmer in overnight electronic trading. Not much new. Bears still have technical momentum in all the grains today. Look for choppy and lackluster trading in the near term. Corn Belt weather is deemed near-term bearish, and is called “yield enhancing” for both corn and soybeans. Weather is less of a focus for traders as the crops move toward maturity. Focus this week is on the John Deere-Pro Farmer Midwest Crop Tour.