The December U.S. dollar index is higher in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.35 and then at 85.50. Shorter-term support is seen at the overnight low of 84.96 and then at 84.80. Wyckoff’s Intra Day Market Rating: 6.0
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 1.2741 and then more sell stops just below solid support at 1.2700. Shorter-term technical resistance for the Euro is seen at 1.2800 and then at the overnight 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: 4.0
Gold is trading lower in early morning dealings, amid lower crude oil prices. In December gold, shorter-term technical support is seen at $590.00 and then at $585.00. Sell stops likely reside just below those levels. Buy stops likely reside just above solid resistance at $600.00 and then more buy stops just above shorter-term resistance at $605.00. Wyckoff’s Intra-Day Market Rating: 4.0
Crude oil prices are modestly lower in early electronic dealings. Bears are still in firm near-term technical command. In November crude, look for buy stops to reside just above resistance at $62.00 and then just above resistance at $62.50. Look for sell stops just below technical support at the overnight low of $60.82, and then more sell stops just below support at $60.00. Wyckoff’s Intra-Day Market Rating: 2.5
Prices were higher in overnight electronic trading, on some short covering following losses Monday. Bears still have the near-term technical advantage in soybeans, and bulls have lost some momentum in corn and wheat, amid a lack of fresh bullish fundamental news, and amid U.S. corn and soybean harvest moving into full swing. Corn appears to have put in a harvest low. My bias is that there is not strong upside potential in corn and beans in the coming weeks.