The September U.S. dollar index is slightly higher in early morning dealings. The bulls are fading and a weekly low close today would add to the near-term bearish posture of the index. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 86.00 and then at this week’s high of 86.52. Shorter-term support is seen at this week’s low of 85.12 and then at 85.00. Wyckoff’s Intra Day Market Rating: 3.5
The September Euro is lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2700 and then more sell stops just below support at 1.2650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2743 and then at this week’s high of 1.2815. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 7.0
Gold is trading moderately lower in early morning dealings, on a corrective pullback from strong gains Thursday. In August gold, shorter-term technical support is seen at Thursday’s low of $621.60 and then at $618.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $636.60 and then more buy stops just above resistance at Thursday’s high of $641.00. Wyckoff’s Intra-Day Market Rating: 6.0
Prices are trading moderately lower in early electronic dealings. A bearish pennant pattern may be forming on the daily bar chart. In September crude, look for buy stops to reside just above resistance at $75.00 and then just above resistance at $75.50. Look for sell stops just below technical support at $74.00, and then heavy sell stops just below strong support at $73.50. Wyckoff’s Intra-Day Market Rating: 6.0
Prices were modestly higher in overnight electronic trading, on a corrective bounce from recent losses. While
beneficial rains have fallen over the Corn Belt this week–especially the eastern Belt, hot weather forecasts for the Corn Belt in the coming days, with few chances for rain, will support the bulls today. Sellers will also be timid heading into a summertime weekend. My bias for the trading day today: Look for higher markets into the close, unless the midday weather updates change significantly. I think the downside is limited at present levels in all the grains.