CURRENCIES
The December U.S. dollar index is weaker in early trading. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.52 and then at this week’s high of 86.72. Shorter-term support is seen at the overnight low of 86.29 and then at 86.00. Wyckoff’s Intra Day Market Rating: 5.5
The December Euro is firmer in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2590 and then more stops just below support at this week’s low of 1.2562. Shorter-term technical resistance for the Euro is seen at 1.2600 and then at this week’s high of 1.2658. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 4.5
METALS
Gold is trading slightly lower early today. In December gold, shorter-term technical support is seen at the overnight low of $583.70 and then at $580.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $589.50 and then more buy stops just above technical resistance at $595.00. Wyckoff’s Intra-Day Market Rating: 5.0
ENERGIES
Crude oil prices are slightly higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $60.00 and then just above resistance at $60.50. Look for sell stops just below technical support at $59.00, and then more sell stops just below support at $58.50. Wyckoff’s Intra-Day Market Rating: 2.0
GRAINS
Prices were solidly higher overnight, on follow-through buying from good gains Tuesday. The funds are loading up on the long side in grains. A pattern has developed in the grains: Solid buying on any dips in prices. As long as that patterns continues, bulls will have their way. When this pattern changes, and we see some good follow-through selling pressure after a pullback, that will be a warning signal that the bulls are losing power. Wheat will likely continue to be the leader. Look for more volatile trading conditions in the near term.
