CURRENCIES
The September U.S. dollar index is lower again in early morning dealings. Bulls are fading this week. Slow stochastics are bearish again today. The dollar index finds shorter-term technical resistance at the overnight high of 86.04 and then at Thursday’s high of 86.24. Shorter-term support is seen at 85.50 and then at 85.00. The September Euro is 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 1.2674 and then more sell stops just below support at Thursday’s low of 1.2636. Shorter-term technical resistance for the Euro is seen at 1.2750 and then at 1.2800. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bullish.
METALS
Gold is trading weaker in early morning dealings, and near the overnight session high. In August gold, shorter-term technical support is seen at the overnight low of $620.90. Sell stops likely reside just below that level, and then heavier sell stops just below support at this week’s low of $618.90. Buy stops likely reside just above resistance at the overnight high of $633.40 and then heavier buy stops just above solid resistance at $640.00.
ENERGIES
Prices are trading modestly higher in early electronic dealings, following recent strong losses. Bears still have some near-term downside technical momentum on their side. In September crude, look for buy stops to reside just above resistance at $75.00 and then at $75.50. Look for sell stops just below shorter-term support at the overnight low of $73.90, and then heavier stops just below solid support at this week’s low of $73.51.
GRAINS
Prices were mostly lower in overnight electronic trading, on follow-through selling from losses Thursday. Bears have had a good week in the grains, amid near-term weather forecasts for the Corn Belt that are not threatening. Longer-range forecasts are not in agreement. That fact will likely limit selling interest today, heading into a summertime weekend when weather forecasts can change quickly. Wheat on Thursday separated from corn and soybeans, but my bias is that was an exception and that wheat will follow corn and beans in the near term.
