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.



« Stocks Firmer, Treasuries Weaker in Early Dealings | Main | Stock Indexes, Treasuries Higher in Early Trading »

U.S. Dollar Near Steady in Early Trading

CURRENCIES

The December U.S. dollar index is near steady in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at Wednesday's high of 85.54 and then at the September high of 85.82. Shorter-term support is seen at the overnight low of 85.25 and then at Tuesday's low of 84.96. Wyckoff's Intra Day Market Rating: 5.0

The December Euro is slightly higher in early trading. The Euro today finds sell stop orders are likely located just below technical support at this week's low of 1.2718 and then more sell stops just below solid support at last week's low of 1.2695. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2788 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 5.0

METALS

Gold is trading solidly higher in early morning dealings, a rebound in crude oil prices. In December gold, shorter-term technical support is seen at the overnight low of $604.00 and then at $600.00. Sell stops likely reside just below those levels. Buy stops likely reside just above solid resistance at the overnight high of $610.30 and then more buy stops just above shorter-term resistance at $615.00. Wyckoff's Intra-Day Market Rating: 8.0

ENERGIES

Crude oil prices are slightly higher in early electronic dealings, following strong gains Wednesday. In November crude, look for buy stops to reside just above resistance at the overnight high of $63.35 and then just above resistance at $64.00. Look for sell stops just below technical support at the overnight low of $62.55, and then more sell stops just below support at $62.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mostly higher in overnight electronic trading. Trading has turned choppy in the grains. Bears still have the near-term technical advantage in soybeans, and bulls had gained some momentum in corn and wheat this week. My bias is still that there is not strong upside potential in corn and beans in the coming weeks, and wheat will be a follower of corn.

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