About Me

Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors

I am a Senior Market Analyst for www.TradingEducation.com a FREE educational website. I have been involved with the stock, financial and futures markets for more than 20 years. I became a financial journalist with Futures World News for many years, where I covered every futures market traded in the United States at one time or another. Not long after I began my career in financial journalism, I began studying technical analysis. My extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several reputable companies.

You can also read additional FREE daily commentary at www.TradingEducation.com.

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The mission of my morning web log, or "blog" is to provide you with the very latest perspective and opinion on selected key markets. I will help you start your trading day by providing you with concise and valuable trading "nuggets" to help you in your daily trading plans.



« Crude Oil Drops Below $60.00 Overnight | Main | Quiet Markets in Early Trading »

U.S. Dollar Firmer, Gold Weaker Early

CURRENCIES

The December U.S. dollar index is firmer in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.98 and then at 85.25. Shorter-term support is seen at the overnight low of 84.68 and then at last week's low of 84.56. Wyckoff's Intra Day Market Rating: 4.0

The December Euro is weaker in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2820 and then more sell stops just below solid support at 1.2800. Shorter-term technical resistance for the Euro is seen at 1.2900 and then at 1.2950. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 5.0

METALS

Gold is trading weaker in early morning dealings, amid lower crude oil prices. In December gold, shorter-term technical support is seen at $590.00 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 $596.80 and then heavier buy stops just above solid shorter-term resistance at $600.00. Wyckoff's Intra-Day Market Rating: 5.0

ENERGIES

Crude oil prices are lower in early electronic dealings. Prices dropped below major psychological support at $60.00 overnight. Bears are still in firm near-term technical command. In November crude, look for buy stops to reside just above resistance at the overnight high of $60.40 and then just above resistance at $61.00. Look for sell stops just below technical support at the overnight low of $59.52, and then more sell stops just below support at $59.00. Wyckoff's Intra-Day Market Rating: 2.5

GRAINS

Prices were mostly lower in overnight electronic trading, amid a lack of fresh bullish fundamental news, and amid U.S. corn and soybean harvest moving into full swing. Corn appears to have put in a harvest low. Wheat bulls had a good week last week and are looking for more on the upside. My bias is that there is not strong upside potential in corn and beans in the coming weeks.

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