The September U.S. dollar index is steady in early morning dealings, as traders await the jobs report. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at Thursday’s high of 85.17 and then at this week’s high of 85.30. Shorter-term support is seen at the overnight low of 84.80 and then at this week’s low of 84.63. Wyckoff’s Intra Day Market Rating: 4.0
The September Euro is steady in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at Thursday’s low of 1.2796 and then just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at 1.2850 and then at Thursday’s high of 1.2893. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 6.0
Gold is trading slightly lower in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $630.90 and then at Thursday’s low of $628.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $635.90 and then more buy stops just above resistance at $640.00. Wyckoff’s Intra-Day Market Rating: 6.5
Crude oil prices are trading firmer in early electronic dealings, on more short covering following recent sharp losses. I don’t look for much more downside in crude oil below the $70.00 level. In October crude, look for buy stops to reside just above resistance at $71.00 and then just above resistance at $71.50. Look for sell stops just below technical support at $70.00, and then more sell stops just below support at $69.30. Wyckoff’s Intra-Day Market Rating: 5.0
Prices were narrowly mixed in quiet overnight electronic trading. Wheat has made a strong rebound this week as it appears near-term lows are in place in that market. Corn bulls are also trying to put in a near-term low, and have shown good power to suggest a near-term low is in place. Soybeans are still the weak sister of the complex, but if corn and wheat continue to rally, soybeans could find a near-term low and at least start to trade sideways. Seasonal studies favor the corn and bean bears this time of year, as harvest is set to begin for those crops.