U.S. Dollar Near Steady in Early Trading

CURRENCIES

The December U.S. dollar index is weaker in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.81 and then at last Friday's high of 85.94. Shorter-term support is seen at 85.50 and then at 85.25. Wyckoff's Intra Day Market Rating: 6.0

The December Euro is firmer in early trading. The Euro today finds heavier sell stop orders are likely located just below solid technical support at Friday's low of 1.2692 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 1.2759 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 4.0

METALS

Gold is trading higher in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $602.80 and then at $600.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $608.40 and then more buy stops just above shorter-term resistance at last week's high of $612.40. Wyckoff's Intra-Day Market Rating: 5.0

ENERGIES

Crude oil prices are slightly lower in early electronic dealings. In November crude, look for buy stops to reside just above resistance at the overnight high of $63.32 and then just above resistance at $64.00. Look for sell stops just below technical support at the overnight low of $62.45, and then more sell stops just below support at $62.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Prices were solidly higher in overnight electronic trading, on follow-through buying from solid gains late last week. Bulls now have near-term technical momentum in the grains, as it appears the funds have taken a keen interest on the long side of these markets again. I look for more volatile and choppier price action in the near term, and don't look for strong price trends to develop at this point.