The December U.S. dollar index is lower in early morning dealings, on a corrective pullback from recent solid gains. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.52 and then at Monday’s high of 85.67. Shorter-term support is seen at the overnight low of 85.35 and then at 85.00. 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 1.2755 and then just below support at 1.2700. Shorter-term technical resistance for the Euro is seen at the early morning 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: 5.0
Gold is trading higher in early morning dealings, on a corrective bounce from recent solid losses. Prices hit a fresh 2.5-month low Monday. In December gold, shorter-term technical support is seen at the overnight low of $591.50 and then at Monday’s low of $589.60. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $607.00 and then more buy stops just above resistance at $610.00. Wyckoff’s Intra-Day Market Rating: 4.0
Crude oil prices are trading lower 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 $66.00 and then just above resistance at the overnight high of $66.44. Look for sell stops just below technical support at Monday’s low of $64.85, and then more sell stops just below support at $64.50. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were lower in overnight electronic trading. Bears have the near-term advantage in grains, especially corn and soybeans. Seasonal studies favor the corn and bean bears this time of year, as harvest begins for those crops. Today’s USDA crop production report is being deemed a “mixed bag” by traders, but bearish corn–likely meaning the bulls will likely continue to struggle for at least the near term. But my bias is that there is not much more downside price potential in the grains. Still, would-be bottom pickers should still be extra cautious.