CURRENCIES
The September U.S. dollar index is slightly higher in early morning dealings. Traders are awaiting the CPI report. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.18 and then at Tuesday’s high of 85.55. Shorter-term support is seen at Tuesday’s low of 84.92 and then at 84.75. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is slightly 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 more sell stops just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at Tuesday’s high of 1.2832 and then at 1.2850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral for today. Wyckoff’s Intra Day Market Rating: 6.0
METALS
Gold is trading firmer in early morning dealings, on a corrective bounce from this week’s losses. In December gold, shorter-term technical support is seen at the overnight low of $632.10 and then at Tuesday’s low of $630.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $639.30 and then more buy stops just above resistance at this week’s high of $643.60. Wyckoff’s Intra-Day Market Rating: 5.0
ENERGIES
Crude oil prices are trading near steady in early electronic dealings. In September crude, look for buy stops to reside just above resistance at $73.50 and then just above resistance at $74.00. Look for heavier sell stops just below solid technical support this week’s low of $72.60, and then more sell stops just below support at $72.00. Wyckoff’s Intra-Day Market Rating: 5.0
GRAINS
Prices were higher in overnight electronic trading, on a corrective short-covering bounce following recent solid losses. But the bears still have technical momentum in all the grains today. Look for choppy and lackluster trading the rest of the week. Corn Belt weather is deemed near-term bearish. Weather is becoming 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.
