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.



« U.S. Stock Indexes, Bonds Firmer in Early Trading | Main | Markets Quiet in Early Trading »

U.S. Dollar Resumes Weak Ways

CURRENCIES

The December U.S. dollar index is lower in early trading. Bears still have solid near-term technical control of the index. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 83.42 and then at 84.68. Shorter-term support is seen at the contract low of 82.95 and then at 82.75. Wyckoff's Intra Day Market Rating: 1.5

The December Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3153 and then more stops just below support at 1.3099. Shorter-term technical resistance for the Euro is seen at the contract high of 1.3231 and then at 1.3250. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Wyckoff's Intra Day Market Rating: 8.0

METALS

Gold is trading higher in trading early today. In December gold, shorter-term technical support is seen at $638.00 and then at the overnight low of $635.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at this week's high of $641.90 and then more buy stops just above technical resistance at $645.00. Wyckoff's Intra-Day Market Rating: 6.5

CRUDE OIL

Crude oil prices are slightly higher in early electronic dealings. Bulls are gaining fresh upside technical momentum this week. In January crude, look for buy stops to reside just above resistance at $63.00 and then just above resistance at $63.50. Look for sell stops just below technical support at the overnight low of $62.20, and then more sell stops just below support at $61.50. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were solidly higher overnight. Price action Wednesday reinforced notions that the bulls still have the firm technical advantage in the grains. Some mild profit taking-pressure at the end of the month and the end of the year did occur earlier this week, but the dip was deemed a buying opportunity by the bulls. The corn and soybean markets have not experienced any significant price "correction" since the runup began earlier this fall. That significant correction is coming at some point, however.

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