CURRENCIES
The September U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.45 and then at Friday’s high of 85.20. Shorter-term support is seen at the overnight low of 84.45 and then at the August low of 84.17. Wyckoff’s Intra Day Market Rating: 3.5
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 1.2900 and then more sell stops just below support at the overnight low of 1.2846. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2929 and then at the August high of 1.2945. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 7.0
METALS
Gold is trading solidly higher in early morning dealings, on a corrective bounce from recent losses. In December gold, shorter-term technical support is seen at the overnight low of $623.10 and then at $620.00. Sell stops likely reside just below those levels, with heavy sell stops likely just below solid support at the July low of $615.00. Buy stops likely reside just above resistance at the overnight high of $632.00 and then more buy stops just above resistance at $635.00. Wyckoff’s Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are trading higher in early electronic dealings, on a corrective bounce from recent very strong losses. In September crude, look for buy stops to reside just above resistance at the overnight high of $72.08 and then just above resistance at $72.50. Look for sell stops just below technical support at the overnight low of $71.14, and then more sell stops just below support at $70.50. Wyckoff’s Intra-Day Market Rating: 5.0
GRAINS
Prices were narrowly mixed in overnight electronic trading. Bears still have technical momentum in all the grains today. Look for choppy and lackluster trading in the near term. Corn Belt weather is deemed near-term bearish, and is called “yield enhancing” for both corn and soybeans. Weather is less of a focus for traders as the crops move toward maturity. Focus now becomes less on supply and more on demand for the grains.