Crude Oil Dips To Fresh Multi-Month Low

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 neutral. The dollar index finds shorter-term technical resistance at Wednesday’s high of 86.97 and then at 87.25. Shorter-term support is seen at the overnight low of 86.58 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 Wednesday’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 1.2610 and then at 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: 3.5

METALS

Gold is trading slightly higher early today. In December gold, shorter-term technical support is seen at the overnight low of $575.30 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 $580.70 and then more buy stops just above shorter-term resistance at this week’s high of $585.50. Wyckoff’s Intra-Day Market Rating: 5.0

ENERGIES

Crude oil prices are slightly lower in early electronic dealings. Prices did dip to a fresh multi-month low overnight. In November crude, look for buy stops to reside just above resistance at $58.00 and then just above resistance at $58.50. Look for sell stops just below technical support at the overnight low of $57.22, and then more sell stops just below support at $57.00. Wyckoff’s Intra-Day Market Rating: 2.0

GRAINS

Prices were mostly lower in overnight electronic trading, on a corrective pullback from gains on Wednesday, and on position evening ahead of this morning’s USDA report. Trading has turned very choppy. Bulls still have some near-term technical momentum in the grains, with wheat leading the way. Today’s USDA 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.