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 Weaker Early | Main | U.S. Stock Indexes Slightly Higher Early; Awaiting Jobs Data »

U.S. Dollar Lower Again in Early Trading

CURRENCIES

The December U.S. dollar index is lower in early trading, and hit another fresh contract low overnight. Slow stochastics are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 78.21 and then at this week's high of 78.56. Shorter-term support is seen at 78.00 and then at 77.75. Today's key near-term Fibonacci support/resistance level: 78.65 Wyckoff's Intra Day Market Rating: 1.0

The December Euro is higher in early electronic trading and hit another fresh contract and all-time high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4166 and then more stops just below support at 1.4133. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.4218 and then at 1.4250. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.4078. Wyckoff's Intra Day Market Rating: 8.0

GOLD

Gold is trading higher in early dealings today. For December gold, shorter-term technical support is seen at the overnight low of $740.00 and then at $737.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at last week's high of $747.10 and then just above resistance at $750.00. Today's key near-term Fibonacci support/resistance level: $733.70. Wyckoff's Intra-Day Market Rating: 8.0

CRUDE OIL

Crude oil prices are near steady in early electronic dealings. In November crude, look for buy stops to reside just above resistance at Thursday's contract high of $83.09 and then just above resistance at $83.50. Look for sell stops just below technical support at $82.40, and then more sell stops just below support at $82.00. Today's key near-term Fibonacci support/resistance level: $81.34. Wyckoff's Intra-Day Market Rating: 7.0

GRAINS

Prices were steady to lower in overnight trading. Traders are awaiting this morning's USDA quarterly grain stocks report, which is expected to be friendly for the markets--showing strong worldwide demand amid tight supplies. Corn, soybeans and wheat remain fully bullish with no early technical clues that market tops are close at hand.

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