The September U.S. dollar index is firmer in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.12 and then at this week’s high of 85.55. Shorter-term support is seen at the overnight low of 84.85 and then at Thursday’s low of 84.46. Wyckoff’s Intra Day Market Rating: 4.5
The September Euro is 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 1.2868 and then at this week’s high of 1.2911. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 6.0
Gold is trading weaker in early morning dealings. Prices dipped to a fresh three-week low overnight. In December gold, shorter-term technical support is seen at the overnight low of $621.70 and then at the July low of $615.00. Sell stops likely reside just below those levels, with heavy sell stops likely just below $615.00. Buy stops likely reside just above resistance at the overnight high of $626.50 and then more buy stops just above resistance at $630.00. Wyckoff’s Intra-Day Market Rating: 5.0
Crude oil prices are trading higher in early electronic dealings, on a corrective bounce from recent very strong losses. In September crude, look for buy stops to reside just above resistance at the overnight high of $71.01 and then just above resistance at Thursday’s high of $71.75. Look for sell stops just below technical support at the overnight low of $70.40, and then heavier sell stops just below major support at Thursday’s low of $70.00. Wyckoff’s Intra-Day Market Rating: 4.5
Prices were narrowly mixed in overnight electronic trading. 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 now becomes less on supply and more on demand for the grains.