Crude oil prices are trading solidly lower in early electronic dealings, as Hurricane Ernesto appears headed away from Gulf energy installations. Prices overnight gapped lower on the daily bar chart. In October crude, look for buy stops to reside just above resistance at the overnight high of $72.20 and then just above resistance at $72.50. Look for heavy sell stops just below strong technical support at the overnight low and the August low of $71.00, and then more sell stops just below support at the June low of $70.10. Wyckoff’s Intra-Day Market Rating: 5.0
The September U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.20 and then at last weeks’ high of 85.49. Shorter-term support is seen at 85.00 and then at 84.79. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then just below the overnight low of 1.2771. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2838 and then at 1.2877. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 6.0
Gold is trading near steady in early morning dealings. In December gold, shorter-term technical support is seen at Friday’s 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 Friday’s high of $633.50 and then more buy stops just above resistance at $635.00. Wyckoff’s Intra-Day Market Rating: 5.0
Prices were mixed in overnight electronic trading. Corn was higher, wheat solidly higher and soybeans were weaker. Wheat has made a strong rebound as it appears near-term lows are in place. Corn bulls are also showing some strength to suggest near-term lows are in place. Soybeans are the weak sister of the complex. Seasonal studies do favor the corn and bean bears this time of year, as harvest is set to begin for those crops.