The September U.S. dollar index is lower in early morning dealings. Early price action in forming a bearish “outside day” down on the daily bar chart. Bears still have near-term technical momentum. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at 84.74 and then at the overnight high of 85.02. Shorter-term support is seen at the overnight low of 84.27 and then at last week’s low of 84.17. Wyckoff’s Intra Day Market Rating: 3.0
The September Euro is higher in early trading, and is scoring a bullish “outside day” up on the daily bar chart. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2900 and then more sell stops just below support at 1.2850. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2937 and then at last week’s high of 1.2945. 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 near steady in early morning dealings, in quiet trading. In December gold, shorter-term technical support is seen at Tuesday’s low of $652.30 and then at the overnight low of $646.30. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $660.40 and then more buy stops just above resistance at this week’s high of $663.50. Wyckoff’s Intra-Day Market Rating: 6.0
Prices are trading modestly firmer in early electronic dealings. Bulls still have near-term technical momentum on their side. In September crude, look for buy stops to reside just above resistance at $77.00 and then just above resistance at Tuesday’s high of $77.45. 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
Prices were mixed in overnight electronic trading. Corn was steady, soybeans slightly higher and wheat was weaker. Corn Belt weather is now deemed near-term bearish. Beneficial rains fell again overnight in the Corn Belt. Focus is turning away from the weather, which may actually help out the bulls at some point soon. 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. That fact that traders may already be factoring in a bearish USDA report on Friday could actually set the market up for a bullish surprise. And if the report is bearish, as expected, prices are not likely to react much.