U.S. Dollar Steady in Early Dealnigs

CURRENCIES

The December U.S. dollar index is steady in early trading, following 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 the overnight high of 87.02 and then at Friday's high of 87.08. Shorter-term support is seen at the overnight low of 86.73 and then at Friday's low of 86.53 Wyckoff's Intra Day Market Rating: 7.0

The December Euro is slightly lower 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 Friday's low of 1.2526 and then more stops just below support at 1.2500. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2571 and then at 1.2600. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 4.0

METALS

Gold is trading higher early today. Prices hit a fresh two-week high overnight. In December gold, shorter-term technical support is seen at the overnight low of $593.60 and then at $590.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $597.30 and then heavier buy stops just above solid technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 8.0

ENERGIES

Crude oil prices are lower 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 the overnight high of $59.26. Look for sell stops just below technical support at $58.00, and then more sell stops just below support at last week's low of $57.22. Wyckoff's Intra-Day Market Rating: 3.0

GRAINS

Prices were mostly lower in overnight electronic trading, on a corrective pullback from strong gains Friday. Wheat was higher overnight, continuing its strong bull run. Look for some profit-taking pressure to emerge in the grains soon. 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. Soybeans remain the least powerful market in the grains.