The September U.S. dollar index is slightly higher in early morning dealings. Bears have near-term technical momentum. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at 85.25 and then at Tuesday’s high of 85.44. Shorter-term support is seen at 84.50 and then at the July low of 84.42. Wyckoff’s Intra Day Market Rating: 3.0
The September Euro is slightly 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 Tuesday’s low of 1.2760. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2874 and then at 1.2900. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are neutral for today. Wyckoff’s Intra Day Market Rating: 7.0
Gold is trading slightly higher in early morning dealings. Prices did poke to a fresh three-week high overnight. In December gold, shorter-term technical support is seen at the overnight low of $657.00 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 $663.80 and then more buy stops just above resistance at $670.00. Wyckoff’s Intra-Day Market Rating: 8.0
Prices are trading modestly higher in early electronic dealings. Prices are in the upper boundary of a recent trading range. In September crude, look for buy stops to reside just above resistance at $76.00 and then just above resistance at $76.50. Look for sell stops just below technical support at $75.00, and then more sell stops just below support at $74.50. Wyckoff’s Intra-Day Market Rating: 8.0
Prices were higher in overnight electronic trading, despite some beneficial rains that fell and are falling in the Corn Belt at mid-week. Some extended forecasts are calling for a return to hotter and drier weather in the Corn Belt next week. Private crop production estimates are starting to come out, including those from influential Sparks Companies Inc. They will be closely scrutinized. My bias for the trading day today: Stronger prices today, unless the midday weather updates change significantly. I think the downside is limited at present levels in all the grains. The fact that prices did not sell off significantly, in the face of beneficial Corn Belt rains, does suggest there is some more upside price potential in corn and soybeans.