The September U.S. dollar index is firmer in early morning dealings. Prices Friday hit a fresh two-month low. Bears still have near-term technical momentum. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at 84.65 and then at 85.00. Shorter-term support is seen at the overnight low of 84.30 and then at Friday’s low of 84.17. Wyckoff’s Intra Day Market Rating: 3.0
The September Euro is lower in early trading, on a corrective pullback from recent solid gains. Prices hit a fresh two-month high Friday. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2850 and then more sell stops just below support at Friday’s low of 1.2810. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2926 and then heavier stops at Friday’s high of 1.2945. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 7.0
Gold is trading modestly higher in early morning dealings, in quiet trading. Bulls still have some near-term technical momentum. In December gold, shorter-term technical support is seen at the overnight low of $655.80 and then at $650.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $662.70 and then heavier buy stops just above resistance at last week’s high of $668.20. Wyckoff’s Intra-Day Market Rating: 7.0
Prices are trading sharply higher in early electronic dealings, and hit a fresh three-week high in overnight trading. British Petroleum had to shut down an oil pipeline in Alaska due to corrosion problems, and Iran has turned up its rhetoric regarding it’s nuclear ambitions. Both of these factors have the crude oil bulls in high gear today. Bulls have near-term technical momentum on their side. In September crude, look for buy stops to reside just above resistance at the overnight high of $76.67 and then just above resistance at $77.00. Look for sell stops just below technical support at $76.00, and then more sell stops just below support at $75.50. Wyckoff’s Intra-Day Market Rating: 8.5
Prices were lower in overnight electronic trading, with soybeans leading the downside. Corn Belt weather forecasts that now call for better chances for rain and temps not quite so hot this week are bearish heading into the new trading week. Sparks Companies Inc. corn and soybean production estimates, out last Friday, are also bearish for the market. Traders are gearing up for this Friday morning’s all-important U.S. crop production and supply and demand report. Noontime weather updates will be important today. My bias for the trading day today: Downside price action early today, and then midday weather updates will either prompt a market rebound in corn and soybeans, or even more downside price pressure.