The September U.S. dollar index is steady in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.33 and then at 85.55. Shorter-term support is seen at 85.00 and then at Thursday’s low of 84.77. Wyckoff’s Intra Day Market Rating: 4.5
The September Euro is near steady in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2763 and then heavier sell stops just below support at the August low of 1.2722. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2799 and then at 1.2850. 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 firmer in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $626.80 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 $632.30 and then more buy stops just above resistance at $635.00. Wyckoff’s Intra-Day Market Rating: 6.0
Crude oil prices are trading solidly higher in early electronic dealings. Prices overnight gapped higher on the daily bar chart. In October crude, look for buy stops to reside just above resistance at the overnight high of $73.65 and then just above resistance at $74.00. Look for sell stops just below technical support at $73.00, and then more sell stops just below support at the overnight low of $72.75. Wyckoff’s Intra-Day Market Rating: 7.0
Prices were mostly lower in overnight electronic trading, on a corrective pullback from recent short-covering gains. Today’s trading will be extra important. Strong closes for the week would be one clue that near-term lows are in place. But anything less than that would likely mean more choppy and sideways trading, with bears having the technical advantgage. I don’t look for strong upside potential heading into corn and soybean harvest, when seasonals are fully bearish.