U.S. Dollar Resumes Weak Posture
CURRENCIES
The December U.S. dollar index is lower in early trading today. Bears have quickly regained downside 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 77.99 and then at Monday's high of 78.18. Shorter-term support is seen at 77.33 and then at contract low of 77.15. Today's key near-term Fibonacci support/resistance level: 78.90 Wyckoff's Intra Day Market Rating: 3.0
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 1.4184 and then more stops just below support at 1.4139. Shorter-term technical resistance for the Euro is seen at 1.4300 and then at the contract high of 1.4363. 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: 1.4197. Wyckoff's Intra Day Market Rating: 7.0
GOLD
Gold is trading higher in early dealings today. For December gold, shorter-term technical support is seen at $760.00 and then at the overnight low of $756.80. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $770.00 and then just above resistance at Monday's high of $772.80. Today's key near-term Fibonacci support/resistance level: $766.50. Wyckoff's Intra-Day Market Rating: 7.0
CRUDE OIL
Crude oil prices are higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $87.00 and then just above resistance at $87.50. Look for sell stops just below technical support at the overnight low of $85.55, and then more sell stops just below support at $85.00. Today's key near-term Fibonacci support/resistance level: $87.10. Wyckoff's Intra-Day Market Rating: 6.0
GRAINS
Prices were higher in overnight trading. Traders are again focusing on the important "outside markets" today, which are mostly bullish in early dealings. The U.S. dollar is weaker today and gold and crude oil prices are higher. My bias is still that the grains do not have a lot of upside price potential in the near term.
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