The December U.S. dollar index is steady in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at Friday’s high of 85.82 and then at 86.00. Shorter-term support is seen at the overnight low of 85.52 and then at this week’s low of 85.26. Wyckoff’s Intra Day Market Rating: 7.0
The December Euro is near steady in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at last week’s low of 1.2695 and then just below support at 1.2650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2749 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 4.0
Gold is trading higher in early morning dealings, on short covering from recent losses. Prices hit a fresh three-month low Friday. In December gold, shorter-term technical support is seen at $585.00 and then at $580.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $590.60 and then more buy stops just above resistance at $595.00. Wyckoff’s Intra-Day Market Rating: 4.5
Crude oil prices are trading firmer in early electronic dealings, on tepid short covering in a bear market. Bears are still in firm near-term technical command. In October crude, look for buy stops to reside just above resistance at $64.00 and then just above resistance at $64.50. Look for sell stops just below technical support at the overnight low of $63.20, and then more sell stops just below support at $63.00. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were mostly higher in overnight electronic trading, some more short covering following decent gains Friday. Seasonal studies still 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. Strong closes Monday would be an early clue that harvest lows could be in place.