The December U.S. dollar index is near steady in early morning dealings. Prices did poke to a fresh six-week high overnight. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.69 and then at Monday’s high of 86.00. Shorter-term support is seen at the overnight low of 85.46 and then at this week’s low of 85.27. Wyckoff’s Intra Day Market Rating: 6.0
The December Euro is weaker in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2736 and then just below support at this week’s low of 1.2720. Shorter-term technical resistance for the Euro is seen at the early morning high of 1.2770 and then at this week’s high of 1.2811. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 5.0
Gold is trading lower in early morning dealings. Prices hit a fresh nearly three-month low today. In December gold, shorter-term technical support is seen at the overnight low of $585.60 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 $597.30 and then more buy stops just above major psychological resistance at $600.00. Wyckoff’s Intra-Day Market Rating: 3.0
Crude oil prices are trading firmer 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 $64.23 and then just above resistance at $65.00. Look for sell stops just below technical support at the overnight low of $63.50, and then more sell stops just below support at $63.00. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were mixed in overnight electronic trading. Following Tuesday’s USDA report, bears have the firmer near-term advantage in 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.