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.



« Treasuries, Gold, Crude Lower Early; Greenback Strong | Main | Stock Indexes, Treasuries Weak Early »

U.S. Dollar Solidly Higher Early

CURRENCIES

The December U.S. dollar index is solidly higher in early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.54 and then at 86.75. Shorter-term support is seen at 86.25 and then at the overnight low of 86.08. 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 the overnight low of 1.2582 and then more stops just below support at 1.2550. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2658 and then at last week's high of 1.2681. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 3.5

METALS

Gold is trading lower early today. In December gold, shorter-term technical support is seen at last week's low of $589.00 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 $596.00 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 lower in early electronic dealings. Prices overnight hit a fresh 16-month low. In December crude, look for buy stops to reside just above resistance at the overnight high of $59.47 and then just above resistance at $60.00. Look for sell stops just below technical support at the overnight low of $58.26, and then more sell stops just below support at $58.00. Wyckoff's Intra-Day Market Rating: 2.0

GRAINS

Prices were mostly lower overnight on a corrective pullback from recent strong gains. Wheat did show slight gains. If the funds decide to take profits or even let up a bit on buying interest in the grains, then the markets are susceptible to a decent downside correction. Wheat will likely continue to be the leader. Look for more volatile trading conditions in the near term.

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