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.



« Raw Commodity Prices Weaker to Start the Week | Main | U.S. Stock Indexes Firmer in Early Trading »

U.S. Dollar Slightly Lower in Early Dealings

CURRENCIES

The September U.S. dollar index is slightly lower in early morning trading. Slow stochastics are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 82.23 and then at 82.50. Shorter-term support is seen at 82.00 and then at 81.80. Wyckoff's Intra Day Market Rating: 3.0

The September Euro is near steady in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.3475 and then more stops just below support at 1.3450. Shorter-term technical resistance for the Euro is seen at Friday's high of 1.3509 and then at 1.3550. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 7.0

GOLD

Gold is trading lower in early dealings today. For August gold, shorter-term technical support is seen at the overnight low of $653.20 and then at $650.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $657.70 and then at $660.00. Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are lower in early electronic dealings, on weekend news that striking Nigerian oil workers will come back to work. In August crude, look for buy stops to reside just above resistance at $68.50 and then just above resistance at the overnight high of $68.85. Look for sell stops just below technical support at last week's low of $67.65, and then more sell stops just below support $67.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mostly lower in overnight trading. Beneficial rains have fallen over the previously dry eastern Corn Belt the past few days. That has pressured the markets lower and done some chart damage. Bulls this week need to step up. Another down week this week would produce serious chart damage to begin to suggest major market tops are in place. All eyes will be on updated weather forecasts at midday. Remember that weather markets in the grains can repair chart damage in a hurry.

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