U.S. Dollar Makes Strong Rebound Overnight
CURRENCIES
The December U.S. dollar index is solidly higher in early trading today, after hitting a fresh contract low and all-time low overnight. A strong close on the upside today would give the bulls some fresh near-term technical momentum. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 78.03 and then at Thursday's high of 78.27. Shorter-term support is seen at 77.58 and then at the overnight contract low of 77.15. Today's key near-term Fibonacci support/resistance level: 78.90 Wyckoff's Intra Day Market Rating: 5.0
The December Euro is solidly lower in early electronic trading, after hitting a fresh contract and all-time high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4149 and then more stops just below support at 1.4100. Shorter-term technical resistance for the Euro is seen at 1.4200 and then at 1.4250. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.4073. Wyckoff's Intra Day Market Rating: 4.0
GOLD
Gold is trading solidly lower in early dealings today. For December gold, shorter-term technical support is seen at the overnight low of $749.00 and then at $745.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $760.00 and then just above resistance at $765.00. Today's key near-term Fibonacci support/resistance level: $745.00. Wyckoff's Intra-Day Market Rating: 4.0
CRUDE OIL
Crude oil prices are sharply lower in early electronic dealings, on profit-taking. In December crude, look for buy stops to reside just above resistance at $86.00 and then just above resistance at the overnight high of $87.00. Look for sell stops just below technical support at the overnight low of $84.73, and then more sell stops just below support at $84.00. Today's key near-term Fibonacci support/resistance level: $84.36. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were solidly lower in overnight trading. Traders will again focus on the "outside markets" today, which are sharply lower in early dealings. The U.S. dollar is stronger today and gold and crude oil prices are sharply lower. My bias is still that the grains do not have a lot of upside price potential in the near term.
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