The December U.S. dollar index is higher in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at this week’s high of 85.69 and then at 86.00. Shorter-term support is seen at the overnight low of 85.26 and then at this week’s low of 85.10. Wyckoff’s Intra Day Market Rating: 6.0
The December Euro is lower in early trading. The Euro today finds heavier sell stop orders are likely located just below shorter-term technical support at this week’s low of 1.2720 and then just below support at 1.2700. Shorter-term technical resistance for the Euro is seen at 1.2800 and then at this week’s high of 1.2820. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 4.5
Gold is trading lower in early morning dealings. Prices hit a fresh three-month low overnight. In December gold, shorter-term technical support is seen at the overnight low of $579.10 and then at $575.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $585.50 and then more buy stops just above resistance at $590.00. Wyckoff’s Intra-Day Market Rating: 3.0
Crude oil prices are trading near steady in early electronic dealings. Bears are still in firm near-term technical command. In October crude, look for buy stops to reside just above resistance at the overnight high of $63.48 and then just above resistance at $64.00. Look for sell stops just below technical support at the overnight low of $63.00, and then more sell stops just below support at $62.50. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were mostly firmer in overnight electronic trading. As the supply situation in grains becomes clearer, traders will focus more on demand prospects for the grains. Seasonal studies favor the corn and bean bears this time of year, as harvest is under way for those crops. But my bias is that there is not strong downside price potential in the grains, with prices at present levels. Still, would-be bottom pickers should be cautious.