The December U.S. dollar index is solidly higher in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.80 and then at the September high of 85.94. Shorter-term support is seen at the overnight now of 85.43 and then at this week’s low of 85.19. Wyckoff’s Intra Day Market Rating: 7.0
The December Euro is lower in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2719 and then heavier sell stops just below solid support at the September low of 1.2692. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2791 and then at 1.2825. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral for today. Wyckoff’s Intra Day Market Rating: 4.0
Gold is trading firmer in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $578.50 and then at the September low of $576.60. Sell stops likely reside just below those levels, with heavier stops below the September low. Buy stops likely reside just above resistance at $585.00 and then more buy stops just above shorter-term resistance at $590.00. Wyckoff’s Intra-Day Market Rating: 3.0
Crude oil prices are firmer in early electronic dealings, on a short covering bounce from recent losses. Prices overnight dropped to a fresh 15-month low. In November crude, look for buy stops to reside just above resistance at $59.50 and then just above resistance at $60.00. Look for sell stops just below technical support at the overnight low of $58.20, and then more sell stops just below support at $58.00. Wyckoff’s Intra-Day Market Rating: 2.0
Prices were mostly higher in overnight electronic trading, on a corrective bounce from losses Tuesday. Trading has turned choppier. 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.