The December U.S. dollar index is lower in early morning dealings, on a corrective pullback from solid gains late last week. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at 85.50 and then at the overnight high of 85.67. Shorter-term support is seen at 85.00 and then at 84.75. Wyckoff’s Intra Day Market Rating: 5.0
The December Euro is higher in early trading, on a corrective bounce from solid losses late last week. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2750 and then just below support at the overnight low of 1.2720. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2811 and then at 1.2550. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral for today. Wyckoff’s Intra Day Market Rating: 5.0
Gold is trading sharply lower in early morning dealings. Prices hit a fresh 2.5-month low overnight, and did dip below major psychological support at $600.00. Bears are gaining strong downside technical momentum. In December gold, shorter-term technical support is seen at the overnight low of $599.80 and then at $595.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $610.00 and then more buy stops just above resistance at $615.00. Wyckoff’s Intra-Day Market Rating: 3.0
Crude oil prices are trading lower in early electronic dealings, with prices hitting another fresh 5.5-month low overnight. In October crude, look for buy stops to reside just above resistance at the overnight high of $66.11 and then just above resistance at $67.00. Look for sell stops just below technical support at $65.50, and then more sell stops just below support at $65.00. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were lower in overnight electronic trading. Bears have the near-term advantage in grains, especially corn and soybeans. Seasonal studies favor the corn and bean bears this time of year, as harvest begins for those crops. Next up for traders is Tuesday morning’s USDA crop production report. My bias is that there is not much more downside price potential in the grains, but would-be bottom pickers should still be extra cautious.