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.



« Gold Higher in Early Dealings | Main | U.S. Treasuries Slumping Again Today »

U.S. Dollar Slightly Lower in Early Trading Today

CURRENCIES

The March U.S. dollar index is slightly lower in quiet early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.78 and then at this week's high of 84.90. Shorter-term support is seen at the overnight low of 84.53 and then this week's low of 84.28. Wyckoff's Intra Day Market Rating: 4.5

The March 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 1.2983 and then more stops just below support at 1.2950. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3033 and then at this week's high of 1.3077. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 5.5

METALS

Gold is solidly higher in early trading today. Prices hit a fresh six-week high overnight. In April gold, shorter-term technical support is seen at $655.00 and then at the overnight low of $652.30. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at today's high of $659.60 and then just above resistance at the December high of $661.00. Wyckoff's Intra-Day Market Rating: 8.0

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 the overnight high of $55.80 and then just above resistance at $56.00. Look for sell stops just below technical support at $55.00, and then more sell stops just below support at $54.50. Wyckoff's Intra-Day Market Rating: 3.5

GRAINS

Prices were solidly higher overnight, as trading has become choppier at higher levels. Bulls have lost a bit of technical momentum in corn and beans, but still have the decided technical advantage. Would-be top pickers should beware. Grain traders will closely watch the "outside markets" today (gold, crude oil). Traders will also scrutinize today's weekly USDA export sales report.

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