The December U.S. dollar index is slightly higher in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 85.50 and then at Monday’s high of 85.81. Shorter-term support is seen at the overnight low of 85.22 and then at 85.00. Wyckoff’s Intra Day Market Rating: 5.0
The December Euro is slightly higher in early trading. The Euro today finds sell stop orders are likely located just below technical support at 1.2750 and then heavier sell stops just below solid support at 1.2692. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2817 and then at 1.2850. 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 lower in early morning dealings, following weaker crude oil prices. In December gold, shorter-term technical support is seen at $595.00 and then at $590.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $600.00 and then more buy stops just above shorter-term resistance at the overnight high of $603.30. Wyckoff’s Intra-Day Market Rating: 4.0
Crude oil prices are lower in early electronic dealings. In November crude, look for buy stops to reside just above resistance at the overnight high of $61.15 and then just above resistance at $62.00. Look for sell stops just below technical support at the overnight low of $60.22, and then more sell stops just below support at $60.00. Wyckoff’s Intra-Day Market Rating: 2.0
Prices were mostly lower in overnight electronic trading, on a corrective pullback from strong gains Monday. Bulls still have some near-term technical momentum in the grains, as it appears the funds have taken a keener interest on the long side of these markets again. But I look for more volatile and choppier price action in the near term, and don’t look for strong price trends to develop at this point. Near-term tops may be close at hand for wheat and corn.