CURRENCIES
The September U.S. dollar index is slightly firmer in early morning dealings. Bears still have near-term technical momentum. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at 85.00 and then at 85.17. Shorter-term support is seen at Monday’s low of 84.30 and then at last week’s low of 84.17. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is slightly lower in early trading, on a corrective pullback from recent solid gains. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2839 and then more sell stops just below support at 1.2800. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2886 and then more stops at 1.2900. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 6.0
METALS
Gold is trading modestly lower in early morning dealings, in quiet trading. In December gold, shorter-term technical support is seen at the overnight low of $653.50 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 $660.80 and then more buy stops just above resistance at Monday’s high of $663.50. Wyckoff’s Intra-Day Market Rating: 6.0
ENERGIES
Prices are trading modestly lower in early electronic dealings, on a mild corrective pullback from very strong gains made Monday, in the wake of the BP Alaska pipeline news. British Petroleum had to shut down an oil pipeline in Alaska due to corrosion problems. Bulls still have near-term technical momentum on their side. In September crude, look for buy stops to reside just above resistance at Monday’s high of $77.30 and then just above resistance at $77.50. Look for sell stops just below technical support at $76.00, and then more sell stops just below support at $75.50. Wyckoff’s Intra-Day Market Rating: 8.0
GRAINS
Prices were lower in overnight electronic trading, with corn and soybeans leading the downside. Weekly crop progress ratings did show slight improvement in corn and beans, and that is bearish, as is the Corn Belt weather forecasts that now call for better chances for rain and temps not quite so hot this week. Traders are gearing up for this Friday morning’s all-important U.S. crop production and supply and demand report. It appears traders are now factoring in a USDA report that could be bearish, by showing good production numbers for corn and beans, despite summertime weather that was not ideal in the Corn Belt. With each passing day now, the weather becomes less of a critical factor for corn and beans.
