Name: Jim Wyckoff 
U.S. Dollar Firmer in Early Dealings
CURRENCIES
The September U.S. dollar index is slightly higher in early
morning electronic dealings. Dollar index bulls are losing
some near-term technical momentum. Slow stochastics still
show the DX as short-term overbought and are turning
bearish. The dollar index finds shorter-term technical
resistance at this week's high of 86.51, and then at last
week's high of 86.68. Shorter-term support is seen at
Tuesday's low of 85.90. The September Euro today finds sell
stop orders are likely located just below shorter-term
technical support at 1.2600 and then more sell stops just
below support at this week's low of 1.2575. Shorter-term
technical resistance for the Euro is seen at Tuesday's high
of 1.2689 and then at 1.2700. Buy stops likely reside just
above those shorter-term resistance levels. Slow
stochastics for the Euro are turning bullish.
METALS
The metals are trading firmer in early morning dealings. In
August gold, prices would have to push and close back above
solid resistance at $600.00 to give the bulls fresh upside
technical momentum. Key shorter-term technical support for
August gold today is the overnight low of $581.30. Sell
stops likely reside just below that level, and then just
below support at $575.00. Buy stops likely reside just
above resistance $590.00 and then just above shorter-term
resistance at $599.00--Tuesday's high.
ENERGIES
Prices are trading slightly higher in early electronic
dealings. Focus today will be on the morning release of the
weekly DOE stocks data. In August crude, look for buy stops
to reside just above resistance at Tuesday's high of $72.50
and then at just above resistance at $73.00. Look for sell
stops just below shorter-term support at Tuesday's low of
$71.60, and then just below solid support at $71.00. I look
for more trading within the recent well-defined range--
bound by key near-term support at last week's low of $68.65
in August crude and solid resistance at $73.00. But a drop
below the aforementioned trading range--including multiple
closes below it--would then likely mean a trading range in
crude oil prices between $65.00 and $70.00.
GRAINS
Prices were narrowly mixed in overnight electronic trading.
While non-threatening near-term weather in the Corn Belt at
present is bearish and has limited buying interest, there
are some forecasters calling for a hotter and drier weather
pattern in the Corn Belt to start the key growing month of
July. That may limit selling interest today. Trading today
and Thursday week will be more subdued ahead of Friday's
all-important USDA updated acreage reports. Look for a very
active trading day on Friday.
