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 bearish for today. The dollar index finds shorter-term technical resistance at Thursday’s high of 86.87 and then at 87.00. Shorter-term support is seen at the overnight low of 86.53 and then at 86.25 Wyckoff’s Intra Day Market Rating: 6.0
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 this week’s low of 1.2547 and then more stops just below support at 1.2500. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2621 and then at 1.2661. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 5.0
METALS
Gold is trading higher early today. In December gold, shorter-term technical support is seen at $585.00 and then at the overnight low of $579.40. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $588.70 and then more buy stops just above shorter-term resistance at $590.00. Wyckoff’s Intra-Day Market Rating: 7.0
ENERGIES
Crude oil prices are higher in early electronic dealings. Short covering in a bear market is featured. 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 $58.00, and then more sell stops just below support at this week’s low of $57.22. Wyckoff’s Intra-Day Market Rating: 3.0
GRAINS
Prices were higher in overnight electronic trading, on follow-through strength from strong gains Thursday. But look for some profit-taking pressure to emerge in the grains today, heading into the weekend. Bulls still have solid near-term technical momentum in the grains, with wheat leading the way. I look for more volatile price action in the near term.
