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.



« Stock Indexes, Treasuries Weak Early | Main | Markets Quiet Ahead of FOMC Results »

U.S. Dollar Firmer in Early Trading

CURRENCIES

The December U.S. dollar index is firmer in early trading. Bulls are regaining upside technical momentum. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.72 and then at 86.90. Shorter-term support is seen at the overnight low of 86.55 and then at 86.25. Wyckoff's Intra Day Market Rating: 7.0

The December Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2562 and then more stops just below support at 1.2550. Shorter-term technical resistance for the Euro is seen at 1.2600 and then at Monday's high of 1.2658. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 3.5

METALS

Gold is trading near steady early today. In December gold, shorter-term technical support is seen at the overnight low of $580.50 and then at $576.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $584.90 and then more buy stops just above technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 4.0

ENERGIES

Crude oil prices are near steady in early electronic dealings. In December crude, look for buy stops to reside just above resistance at Monday's high of $59.47 and then just above resistance at $60.00. Look for sell stops just below technical support at the Monday's low of $58.12, and then more sell stops just below support at $58.00. Wyckoff's Intra-Day Market Rating: 2.0

GRAINS

Prices were mostly higher overnight following solid gains on Monday. A pattern has developed in the grains: Solid buying on any dips in prices. As long as that patterns continues, bulls will have their way. When this pattern changes, and we see some good follow-through selling pressure after a pullback, that will be a warning signal that the bulls are losing power. Wheat will likely continue to be the leader. Look for more volatile trading conditions in the near term.

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