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 Idexes Slightly Higher Early | Main | U.S. Stock Indexes Steady to Firmer Early Today »

U.S. Dollar Steady Early, But on Shaky Ground

CURRENCIES

The June U.S. dollar index is slightly lower in early trading, on tepid short covering following recent losses. Prices Thursday hit a fresh three-month low. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at 83.00 and then at this week's high of 83.17. Shorter-term support is seen at 82.60 and then at Thursday's low of 82.40. Wyckoff's Intra Day Market Rating: 3.5

The June Euro is slightly higher in early electronic trading. Prices hit a fresh three-month high Thusday. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3346 and then more stops just below support at 1.3300. Shorter-term technical resistance for the Euro is seen at 1.3400 and then at the contract high of 1.3460. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral to bearish early today. Wyckoff's Intra Day Market Rating: 7.0

METALS

Gold is near steady in early trading today. In June gold, shorter-term technical support is seen at the overnight low of $677.50 and then at $665.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $671.50 and then just above resistance at $675.00. Wyckoff's Intra-Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are solidly higher in early electronic dealings, after strong gains Thursday. In May 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 $62.00, and then more sell stops just below support at $61.50. Wyckoff's Intra-Day Market Rating: 7.5

GRAINS

Prices were mixed to firmer overnight. I visited the Chicago Board of Trade on Thursday afternoon and spoke with several grain traders. They concur that focus is keenly on the March 30 USDA Planting Intentions report. Also, wet early-spring weather in the Corn Belt is also garnering trader attention and is a supportive factor for corn and soybeans. Look for choppier trading ahead of the March 30 Planting Intentions report.

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