The September U.S. dollar index is weaker in early morning dealings, on a corrective pullback from gains Monday. Slow stochastics are turning bullish today. The dollar index finds shorter-term technical resistance at the overnight high of 86.22 and then at 86.50. Shorter-term support is seen at the overnight low of 85.95 and then at last week’s low of 85.55. 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 the overnight low of 1.2649 and then more sell stops just below support at 1.2600. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2718 and then at the Monday’s high of 1.2754. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are turning bearish.
Gold is trading solidly higher in early morning dealings, on a corrective bounce from recent strong losses. In August gold, shorter-term technical support is seen at the overnight low of $611.10. Sell stops likely reside just below that level, and then heavier sell stops just below solid support at Monday’s low of $602.50. Buy stops likely reside just above resistance at the overnight high of $624.20 and then more buy stops just above resistance at $630.00.
Prices are trading higher in early electronic dealings, on follow-through strength from gains seen Monday. In September crude, look for buy stops to reside just above resistance at the overnight high of $75.78 and then just above resistance at $76.50. Look for sell stops just below technical support at $75.00, and then more stops just below support at $74.50.
Prices were higher in overnight electronic trading. Corn and soybeans were firmer on hot and dry forecasts for the Corn Belt this week, and on surprising drops in the crop condition ratings in the weekly USDA crop progress reports, issued Monday after the close. Wheat was higher overnight on a corrective bounce from losses Monday. Higher “outside markets” will also benefit the grain bulls today.