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 Firmer; Awaiting FOMC | Main | Crude Oil Above $96.00 Overnight »

U.S. Dollar Index Hits Another Fresh Low Overnight

CURRENCIES

The December U.S. dollar index is weaker in early trading today, and hit a fresh contract low and all-time low overnight. Bears still have downside technical momentum. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at 77.00 and then at 77.21. Shorter-term support is seen at the contract low of 76.59 and then at 76.25. Today's key near-term Fibonacci support/resistance level: 77.18 Wyckoff's Intra Day Market Rating: 2.0

The December Euro is firmer in early electronic trading, and did hit a 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 1.4435 and then more stops just below support at 1.4400. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.4479 and then at 1.4500. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.4348. Wyckoff's Intra Day Market Rating: 7.0


GOLD

Gold is trading near steady in early dealings today. For December gold, shorter-term technical support is seen at $785.00 and then at the overnight low of $780.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $790.00 and then just above resistance at Tuesday's high of $795.60. Today's key near-term Fibonacci support/resistance level: $779.50. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are firmer in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $91.00 and then just above resistance at $92.00. Look for sell stops just below technical support at $90.00, and then more sell stops just below support at the overnight low of $98.92. Today's key near-term Fibonacci support/resistance level: $90.00. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were mixed in overnight trading. Wheat was lower and corn and beans were higher. Wheat bulls are tired and the market still looks toppy. Traders are still focusing on the important "outside markets." A lack of major fresh fundamental news in the grains will also favor the bears.

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