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.



« Markets Quiet Early, Ahead of Reports | Main | Stock Indexes Weaker, Bonds Firmer Early »

U.S. Dollar Steady in Early Dealings

CURRENCIES

The December U.S. dollar index is slightly lower in quiet early trading. Bears still have the near-term technical advantage. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.19 and then at Monday's high of 85.28. Shorter-term support is seen at the overnight low of 84.98 and then at Monday's low of 84.72. Wyckoff's Intra Day Market Rating: 4.0

The December Euro is slightly higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2825 and then more stops just below support at 1.2800. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2867 and then at 1.2900. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 6.0

METALS

Gold is trading near steady in quiet trading early today. In December gold, shorter-term technical support is seen at the overnight low of $623.20 and then at $620.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $628.50 and then more buy stops just above technical resistance at $630.00. Wyckoff's Intra-Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are slightly higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $59.50 and then just above resistance at $60.00. Look for sell stops just below technical support at Monday's low of $58.25, and then more sell stops just below support at $58.00. Wyckoff's Intra-Day Market Rating: 3.0

GRAINS

Prices were mixed overnight. Bulls are fading a bit, but nothing serious…yet. Recent losses in the grains are a first warning shot that tops may be close at hand. Keep a close watch on the closes of the markets. Closes near the session low are another warning that the uptrends are losing strength. Key, also, is if the bulls will step in to strongly buy the dips.

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