The December U.S. dollar index is steady in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at Tuesday’s high of 85.68 and then at the September high of 85.82. Shorter-term support is seen at the overnight low of 85.50 and then at Tuesday’s low of 85.25. Wyckoff’s Intra Day Market Rating: 6.0
The December Euro is near steady in early trading. The Euro today finds heavier sell stop orders are likely located just below solid technical support at last week’s low of 1.2695 and then just below support at 1.2670. Shorter-term technical resistance for the Euro is seen at Tuesday’s high of 1.2790 and then at last week’s high of 1.2820. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 5.0
Gold is trading slightly lower in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $578.30 and then at last week’s low of $576.60. Sell stops likely reside just below those levels, with heavier stops just below last week’s low. Buy stops likely reside just above resistance at the overnight high of $582.60 and then more buy stops just above shorter-term resistance at $585.00. Wyckoff’s Intra-Day Market Rating: 3.0
Crude oil prices are solidly lower in early electronic dealings. Crude oil hit another fresh nine-month low overnight. Bears are still in firm near-term technical command. It now looks like prices will push below major psychological support at $60.00 a barrel soon. In November crude, look for buy stops to reside just above resistance at $62.00 and then just above resistance at the overnight high of $62.34. Look for sell stops just below technical support at the overnight low of $61.10, and then more sell stops just below support at $60.50. Wyckoff’s Intra-Day Market Rating: 2.0
Prices were mostly firmer in overnight electronic trading, on some short covering in corn and beans following losses Tueseday. Wheat saw follow-through strength from strong gains Tuesday. Bears are regaining some momentum in beans, and that could drag corn lower soon, too. My bias is that there is not strong downside price potential in the grains, but not strong upside price potential, either. That means more “trading range” type of activity in the coming weeks.