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. Treasuries Slumping Again Today | Main | Markets Quiet as Big Data Week Looms »

U.S. Dollar Hits 9-Week High Today

CURRENCIES

The March U.S. dollar index is higher in early trading. Prices hit a fresh nine-week high today. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.19 and then at 85.50. Shorter-term support is seen at the overnight low of 84.95 and then at 84.50. Wyckoff's Intra Day Market Rating: 7.5

The March 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 1.2921 and then more stops just below support at this month's low of 1.2901. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2975 and then at 1.3000. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Wyckoff's Intra Day Market Rating: 4.0


METALS

Gold is solidly lower in early trading today. Profit-taking is featured and no serious chart damage has yet occurred. Prices hit a fresh six-week high Thursday. In April gold, shorter-term technical support is seen at the overnight low of $646.90 and then at $644.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $650.00 and then just above resistance at today's high of $652.30. Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are slightly higher in early electronic dealings. Bears remain in command with still no strong signs of a market bottom being in place. In March crude, look for buy stops to reside just above resistance at $55.00 and then just above resistance at $55.50. Look for sell stops just below technical support at $54.00, and then more sell stops just below support at $53.50. Wyckoff's Intra-Day Market Rating: 3.5

GRAINS

Prices were steady to slightly higher overnight, as trading has become choppier at higher levels. Bulls still have the decided technical advantage in corn and soybeans, but not in wheat. Would-be top pickers in corn and beans should beware. Grain traders will again closely watch the "outside markets" today (gold, crude oil).

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