The December U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.86 and then at 85.00. Shorter-term support is seen at the overnight low of 84.60 and then at 84.28. Wyckoff’s Intra Day Market Rating: 2.5
The December Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2838 and then more sell stops just below solid support at 1.2800. Shorter-term technical resistance for the Euro is seen at 1.2900 and then at 1.2950. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 8.0
Gold is trading solidly higher in early morning dealings, amid the weaker dollar. 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 the overnight high of $598.20 and then heavier buy stops just above solid shorter-term resistance at $600.00. Wyckoff’s Intra-Day Market Rating: 6.0
Crude oil prices are modestly higher in early electronic dealings. Short covering is featured. Bears are still in firm near-term technical command. It still 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 the overnight high of $62.26 and then just above resistance at $62.50. Look for sell stops just below technical support at the overnight low of $61.71, and then more sell stops just below support at $61.50. Wyckoff’s Intra-Day Market Rating: 3.5
Prices were mostly lower in overnight electronic trading, following strong gains Thursday. Corn appears to have put in a harvest low, and a weekly high close in soybeans today would also begin to suggest a market low being in place. Wheat bulls have had a good week and are looking for more on the upside. My bias is that there is not strong upside potential in corn and beans heading into the teeth of harvest, when most farmers sell their crops right off the combines.