The December U.S. dollar index is lower in early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.17 and then at 86.52. Shorter-term support is seen at the overnight low of 85.88 and then at 85.50. Wyckoff’s Intra Day Market Rating: 3.5
The December Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2640 and then more stops just below support at 1.2600. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2705 and then at 1.2750. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff’s Intra Day Market Rating: 6.5
Gold is trading firmer early today. In December gold, shorter-term technical support is seen at the overnight low of $588.80 and then at $585.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $596.40 and then more buy stops just above technical resistance at $600.00. Wyckoff’s Intra-Day Market Rating: 5.5
Crude oil prices are slightly lower in early electronic dealings, following strong gains Wednesday. In December crude, look for buy stops to reside just above resistance at the overnight high of $61.75 and then just above resistance at $62.00. Look for sell stops just below technical support at $61.00, and then more sell stops just below support at $60.50. Wyckoff’s Intra-Day Market Rating: 3.0
Prices were solidly lower overnight, on a profit-taking pullback from recent gains. Today’s trading will be extra important for the grains. Solid losses could signal near-term tops are in place, given the low-range closes on Wednesday that did produce some bearish chart formations. A
pattern has developed in the grains: Solid buying on any dips in prices. As long as that patterns continues, bulls will have their way. When this pattern changes, and we see some good follow-through selling pressure after a pullback, that will be a warning signal that the bulls are losing power. Wheat will likely continue to be the leader. Look for more volatile trading conditions in the near term.