CURRENCIES
The December U.S. dollar index is steady in early trading, following solid losses late last week. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 85.60 and then at 86.00. Shorter-term support is seen at Friday’s low of 85.22 and then at 85.00. Wyckoff’s Intra Day Market Rating: 3.0
The December Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.2725 and then more stops just below support at 1.2692. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2769 and then at Friday’s high of 1.2784. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 6.0
METALS
Gold is trading higher early today. Prices overnight did hit a fresh four-week high. In December gold, shorter-term technical support is seen at the overnight low of $601.00 and then at $595.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $608.20 and then more buy stops just above technical resistance at $610.00. Wyckoff’s Intra-Day Market Rating: 7.0
CRUDE OIL
Crude oil prices are solidly lower 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 the overnight low of $59.50, and then more sell stops just below support at $59.00. Wyckoff’s Intra-Day Market Rating: 2.0
GRAINS
Prices were mostly higher overnight. The grain market bulls are still in control as fund money still wants to be long the grains. So far, any weakness has been seen as a buying opportunity among the bulls. However, this market could see a swift and steep corrective pullback very soon and those wanting to jump on board the long side at present need to think twice. Wheat will likely continue to be the leader. Look for continued volatile trading conditions in the near term.
