CURRENCIES

The June U.S. dollar index is lower in early trading today. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 73.63 and then at this week's high of 74.06. Shorter-term support is seen at the overnight low of 73.20 and then at 73.00. Today's key near-term Fibonacci support/resistance level: 73.53. Wyckoff's Intra Day Market Rating: 4.0

The June Euro is higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5367 and then just below support at 1.5300. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5463 and then at 1.5500. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.5375. Wyckoff's Intra Day Market Rating: 5.5

Continue reading "U.S. Dollar Resumes Weaker Ways" »

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Friday, May 9--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is solidly higher crude oil prices that hit a new all-time record high of $125.98 overnight.

* JIM'S MARKET THOUGHT OF THE DAY *

Today's record high crude prices and weaker U.S. dollar will likely prompt a fresh surge of buying interest in the commodity markets today. Corn set a new all-time record high in overnight trading. Crude oil still could be in a "blow-off top" stage, whereby prices make a strong push higher and then put in at least a near-term market top.--Jim

Continue reading "Crude Oil Pushes Above $125.00 Overnight" »

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CURRENCIES

The June U.S. dollar index is steady to firmer in early trading today. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 74.06 and then at 74.25. Shorter-term support is seen at 73.50 and then at Wednesday's low of 73.21. Today's key near-term Fibonacci support/resistance level: 73.53. Wyckoff's Intra Day Market Rating: 5.0

The June Euro is lower in early electronic trading. Euro finds sell stop orders are likely located just below technical support 1.5300 and then just below support at the overnight low of 1.5255. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5381 and then at 1.5400. 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: 1.5375. Wyckoff's Intra Day Market Rating: 4.0

Continue reading "U.S. Dollar Firmer Early" »

Posted by Jim Wycoff at 08:22 AM | Permalink | Comments (0) | TrackBacks (0)

Thursday, May 8--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is firmer U.S stock index futures prices.

* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. dollar rebounded strongly Wednesday and the greenback is firmer to start the day today. A bullish weekly high close in the U.S. dollar index on Friday would provide the dollar bulls with some fresh upside technical momentum and would be another early clue the U.S. currency has bottomed out. The dollar continues to be a key "outside market" for many other markets. My bias is that the greenback has put in a major low, or is at least close to doing such. However, if crude oil prices do tack on solid gains above $125.00 a barrel, as some analysts are predicting, then the U.S. dollar index will likely notch fresh lows and begin a fresh leg down in price action.--Jim

Continue reading "U.S. Stock Indexes Firmer Early" »

Posted by Jim Wycoff at 08:20 AM | Permalink | Comments (0) | TrackBacks (0)

CURRENCIES

The June U.S. dollar index is higher in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at Tuesday's high of 73.50 and then at this week's high of 73.72. Shorter-term support is seen at the overnight low of 73.21 and then at 73.00. Today's key near-term Fibonacci support/resistance level: 73.29. Wyckoff's Intra Day Market Rating: 5.0

The June Euro is lower in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5381 and then more stops just below support at last week's low of 1.5329. Shorter-term technical resistance for the Euro is seen at 1.5450 and then at the overnight high of 1.5510. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.5583. Wyckoff's Intra Day Market Rating: 4.0

Continue reading "U.S. Dollar Firmer Early Today" »

Posted by Jim Wycoff at 08:16 AM | Permalink | Comments (0) | TrackBacks (0)

Wednesday, May 7--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading today are slightly weaker U.S stock index futures prices and a stronger U.S. dollar.

* JIM'S MARKET THOUGHT OF THE DAY *

Crude oil prices hit a record high above $122.00 a barrel on Tuesday. Part of the upside push on Tuesday was due to a report from Goldman Sachs that predicted crude oil prices would hit $150 to $200 a barrel in the next six to 24 months. The authors of the report were the same ones that shocked the market a couple years ago by predicting crude oil prices would hit over $100 a barrel. If crude oil prices continue to appreciate in the coming weeks then that's bad news for U.S. dollar bulls, the U.S. stock indexes, U.S. consumers and the U.S. economy.

Continue reading "U.S. Stock Index Futures Weaker Early" »

Posted by Jim Wycoff at 08:15 AM | Permalink | Comments (0) | TrackBacks (0)

CURRENCIES

The June U.S. dollar index is weaker in early trading today. Bulls are fading again. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 73.50 and then at this week's high of 73.72. Shorter-term support is seen at 73.00 and then at 72.75. Today's key near-term Fibonacci support/resistance level: 72.80. Wyckoff's Intra Day Market Rating: 4.0

The June Euro is firmer in early electronic trading. Euro finds sell stop orders are likely located just below technical support at 1.5450 and then more stops just below support at the overnight low of 1.5422. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5519 and then at 1.5550. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.5583. Wyckoff's Intra Day Market Rating: 6.0

Continue reading "U.S. Dollar Bulls Are Fading Again" »

Posted by Jim Wycoff at 08:23 AM | Permalink | Comments (0) | TrackBacks (0)

Tuesday, May 6--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in quieter overnight/early morning trading today is slightly weaker U.S stock index futures prices.

* JIM'S MARKET THOUGHT OF THE DAY *

Crude oil prices hit a record high above $120.00 a barrel on Monday, and led a rebound in many commodity markets. My bias is still that there is not much left on the upside for crude oil, save for some fresh and unexpected geopolitical or supply shock. For grain markets, the bulls should be worried that prices on Monday got no support at all from strongly bullishly postured "outside markets." That's one early sign the grain bulls are exhausted after pushing prices to record highs in recent months.--Jim

Continue reading "U.S. Stock Index Futures Weaker in Early Trading" »

Posted by Jim Wycoff at 08:22 AM | Permalink | Comments (0) | TrackBacks (0)

CURRENCIES

The June U.S. dollar index is weaker in early trading today. Bulls still have some upside technical momentum on their side after big gains last week. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at last week's high of 73.90 and then at 74.25. Shorter-term support is seen at the overnight low of 73.44 and then at 73.30. Today's key near-term Fibonacci support/resistance level: 73.41. Wyckoff's Intra Day Market Rating: 5.5

The June Euro is firmer in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5393 and then more stops just below support at last week's low of 1.5329. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5470 and then at 1.5500. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.5583. Wyckoff's Intra Day Market Rating: 5.0

Continue reading "U.S. Dollar Weaker in Early Trading" »

Posted by Jim Wycoff at 08:03 AM | Permalink | Comments (0) | TrackBacks (0)

Monday, May 5--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading today are higher gold and crude oil prices and a modestly weaker U.S dollar versus the other major currencies.

* JIM'S MARKET THOUGHT OF THE DAY *

I don't want to beat a dead horse, traders, but the value of the U.S. dollar versus the other currencies is still very likely going to be an influence on the markets you trade. The greenback is still showing some early clues of bottoming out and that's a worry for commodity market bulls and a relief for the stock market bulls.--Jim

Continue reading "Gold and Crude Oil Higher Early Monday" »

Posted by Jim Wycoff at 08:02 AM | Permalink | Comments (0) | TrackBacks (0)