CURRENCIES
*** The open outcry sessions for the currency markets are closed today, due to the Columbus Day holiday.
The December U.S. dollar index was slightly lower in quiet overnight trading. Slow stochastics are bullish. The dollar index finds shorter-term technical resistance at the overnight high of 86.30 and then at last week’s high of 86.39. Shorter-term support is seen at 86.00 and then at 85.80. Wyckoff’s Intra Day Market Rating: 7.0
The December Euro was slightly lower in overnight electronic trading. The Euro finds sell stop orders are likely located just below technical support at Friday’s low of 1.2618 and then more stops just below support at 1.2600. Shorter-term technical resistance for the Euro is seen at 1.2692 and then at 1.2725. 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 moderately higher early today, supported by the North Korea news. In December gold, shorter-term technical support is seen at the overnight low of $576.80 and then at $570.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $585.20 and then more buy stops just above shorter-term resistance at $590.00. Wyckoff’s Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are modestly higher in early electronic dealings, on short covering and on the North Korea news. In November crude, look for buy stops to reside just above resistance at the overnight high of $60.60 and then just above resistance at $61.00. Look for sell stops just below technical support at the overnight low of $59.78, and then more sell stops just below support at $59.50. Wyckoff’s Intra-Day Market Rating: 4.0
GRAINS
Prices were higher overnight electronic trading, with wheat sharply higher and corn solidly higher. Bulls still have solid near-term technical momentum in the grains, as the funds have taken a keen interest on the long side of these markets again. 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.
