U.S. Dollar Stronger in Early Trading
CURRENCIES
The December U.S. dollar index is solidly higher in early trading again today. Bulls are regaining some fresh upside technical momentum this week. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at 76.00 and then at 76.23. Shorter-term support is seen at the overnight low of 75.18 and then at 75.00. Today's key near-term Fibonacci support/resistance level: 75.97 Wyckoff's Intra Day Market Rating: 6.5
The December Euro is solidly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at this week's low of 1.4719 and then more stops just below support at 1.4650. Shorter-term technical resistance for the Euro is seen at 1.4800 and then at the overnight high of 1.4851. 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: 1.4697. Wyckoff's Intra Day Market Rating: 4.0
GOLD
Gold is trading firmer in early dealings today. Bulls are fading. For December gold, shorter-term technical support is seen at the overnight low of $799.80 and then at $795.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $807.80 and then just above resistance at $810.00. Today's key near-term Fibonacci support/resistance level: $798.00. Wyckoff's Intra-Day Market Rating: 5.0
CRUDE OIL
Crude oil prices are solidly higher early today on news of a major oil pipeline fire in northern Minnesota. In January crude, look for buy stops to reside just above resistance at $94.00 and then just above resistance at today's high of $95.17. Look for sell stops just below technical support at $92.00, and then more sell stops just below support at the overnight low of $91.22. Today's key near-term Fibonacci support/resistance level: $91.68. Wyckoff's Intra-Day Market Rating: 7.0
GRAINS
Prices were higher in overnight trading. Gains in gold and crude aided the grain bulls overnight. But gains were limited by the stronger U.S. dollar overnight. Traders will closely scrutinize this morning's weekly USDA export sales report. The "outside markets" gold, crude oil and the dollar are still the main drivers in the grain markets. Soybeans are still the most bullish from a technical perspective at present. Corn bulls still have the near-term technical advantage. In wheat, the bulls have regained solid near-term technical momentum recently, but I still do not think wheat prices will surpass the highs seen a few months ago.


Name: Jim Wyckoff 






