The September U.S. dollar index is slightly lower in early morning dealings. Bears still have near-term technical momentum. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.60 and then at Wednesday’s high of 85.02. Shorter-term support is seen at Wednesday’s 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 slightly 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 1.2871 and then more sell stops just below support at 1.2850. Shorter-term technical resistance for the Euro is seen at last week’s high of 1.2945 and then at 1.3000.Heavier buy stops likely reside just above last week’s high. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 7.0
Gold is trading slightly lower in early morning dealings, in quiet trading. In December gold, shorter-term technical support is seen at the overnight low of $658.30 and then at $655.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at Wednesday’s high of $666.50 and then heavier buy stops just above resistance at last week’s high of $668.20. Wyckoff’s Intra-Day Market Rating: 6.0
Prices are trading modestly lower in early electronic dealings, pressured by ideas the terrorist plot discovery will dampen demand for jet fuel. In September crude, look for buy stops to reside just above resistance at the overnight high of $76.52 and then just above resistance at $77.00. Look for sell stops just below technical support at the overnight low of $75.30, and then more sell stops just below support at $75.00. Wyckoff’s Intra-Day Market Rating: 7.0
Prices were mostly lower in overnight electronic trading. While Corn Belt weather is now deemed near-term bearish, it is becoming less of a focus for traders as the crops move toward maturity. Traders are gearing up for this Friday morning’s all-important U.S. crop production and supply and demand report. It appears traders are factoring in a USDA report that could be bearish, especially for corn, by showing good production numbers. 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. The caveat would be that a surprisingly bearish USDA report could send prices sharply lower. Look for quiet trading today, ahead of Friday’s report.