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 Indexes Solidly Higher Early | Main | U.S. Stock Indexes Weaker Early »

U.S. Dollar Weaker Early

CURRENCIES

The September U.S. dollar index is slightly lower in early trading. Slow stochastics are neutral early today. The dollar index finds shorter-term technical resistance at 80.89 and then at this week's high of 80.96. Shorter-term support is seen at this week's low of 80.53 and then at 80.40. Today's key near-term Fibonacci support/resistance level: 80.91. Wyckoff's Intra Day Market Rating: 5.0

The September Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3639 and then more stops just below support at 1.3600. Shorter-term technical resistance for the Euro is seen at 1.3700 and then at 1.3750. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.3623. Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is trading solidly higher and hit a fresh two-week high in early dealings today. For December gold, shorter-term technical support is seen at $677.50 and then at $675.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $680.30 and then just above resistance at $682.50. Today's key near-term Fibonacci support/resistance level: $684.50. Wyckoff's Intra-Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are higher in early electronic dealings. In October crude, look for buy stops to reside just above resistance at $74.00 and then just above resistance at $74.50. Look for sell stops just below technical support at the overnight low of $73.40, and then more sell stops just below support at $73.00. Today's key near-term Fibonacci support/resistance level: $74.50. Wyckoff's Intra-Day Market Rating: 7.0

GRAINS

Prices were solidly higher in overnight trading, with wheat leading the way with sharp gains. Wheat could be in a "blow off top" phase in which very strong gains do put in a market top. In corn and beans, focus will now turn more to demand instead of supply. Beans bulls are gaining more technical momentum by the day.

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