U.S. Dollar Near Steady in Early Trading

CURRENCIES

The December U.S. dollar index is slightly lower in early trading, on a corrective pullback from recent strong gains. Bulls still have near-term technical momentum on their side. Slow stochastics are bullish. The dollar index finds shorter-term technical resistance at Tuesday's high of 86.85 and then at 87.00. Shorter-term support is seen at 86.50 and then at the overnight low of 86.25 Wyckoff's Intra Day Market Rating: 7.0

The December Euro is slightly higher in early electronic trading. Bears still have the near-term technical edge. The Euro finds sell stop orders are likely located just below technical support at Tuesday's low of 1.2564 and then more stops just below support at 1.2500. Shorter-term technical resistance for the Euro is seen at 1.2600 and then at Tuesday's high of 1.2661. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 3.0

METALS

Gold is trading near steady early today. In December gold, shorter-term technical support is seen at the overnight low of $574.50 and then at this week's low of $572.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $579.80 and then more buy stops just above shorter-term resistance at this week's high of $585.50. Wyckoff's Intra-Day Market Rating: 4.5

ENERGIES

Crude oil prices are near steady in early electronic dealings. In November crude, look for buy stops to reside just above resistance at $59.00 and then just above resistance at $59.50. Look for sell stops just below technical support at the overnight low of $57.87, and then more sell stops just below support at this month's low of $57.75. Wyckoff's Intra-Day Market Rating: 2.0

GRAINS

Prices were mostly higher in overnight electronic trading, on a corrective bounce from solid losses in corn and soybeans Tuesday. Trading has turned very choppy. Bulls still have some near-term technical momentum in the grains, with wheat leading the way. Trading may be quieter today, ahead of the USDA supply and demand report on Thursday morning. That report is likely to be bearish for corn and soybeans. I look for more volatile price action in the near term. Wheat will continue to be the leader of the grains, regarding significant price moves.