The December U.S. dollar index is weaker in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at Wednesday’s high of 85.69 and then at 86.00. Shorter-term support is seen at 85.00 and then at 84.50. Wyckoff’s Intra Day Market Rating: 5.0
The December Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2742 and then just below support at this week’s low of 1.2720. Shorter-term technical resistance for the Euro is seen at this week’s high of 1.2811 and then at 1.2850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 5.5
Gold is trading higher in early morning dealings. In December gold, shorter-term technical support is seen at $600.00 and then at the overnight low of $593.50 and then at $590.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $601.80 and then more buy stops just above resistance at $605.00. Wyckoff’s Intra-Day Market Rating: 5.0
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 $64.65 and then just above resistance at $65.00. Look for sell stops just below technical support at $64.00, and then more sell stops just below support at Wednesday’s low of $63.50. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were mostly higher in overnight electronic trading. Look for some short covering early today. Traders will also closely examine the weekly USDA export sale data. As the supply situation in grains becomes clearer, traders will now 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.