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 Rebound Overnight; Treasuries Slump | Main | U.S. Stock Indexes Firmer Early »

U.S. Dollar Lower in Early Dealings

CURRENCIES

The March U.S. dollar index is solidly lower in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 76.50 and then at the overnight high of 76.68. Shorter-term support is seen at the overnight low of 76.15 and then at 76.00. Today's key near-term Fibonacci support/resistance level: 76.90 Wyckoff's Intra Day Market Rating: 4.0

The March Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.4600 and then more stops just below support at the overnight low of 1.4571. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.4670 and then at 1.4700. 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: 1.4704. Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is solidly higher in early dealings today, amid the weaker U.S. dollar. For April gold, shorter-term technical support is seen at $900.00 and then at the overnight low of $894.80. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $909.00 and then just above resistance at the contract and all-time high of $922.50. Today's key near-term Fibonacci support/resistance level: $897.00. Wyckoff's Intra-Day Market Rating: 8.0

CRUDE OIL

Crude oil prices are solidly higher early today, on short covering. In March crude, look for buy stops to reside just above resistance at $89.00 and then just above resistance at $90.00. Look for sell stops just below technical support at the overnight low of $87.48, and then more sell stops just below support at $87.00. Today's key near-term Fibonacci support/resistance level: $88.75. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were solidly higher in overnight trading, on corrective bounces from strong to limit-down losses on Wednesday. Higher "outside markets" are also supportive for the grains today. However, near-term chart damage was inflicted in the grains on Wednesday. The U.S. recession fears are still bearish for the grains, due to perceived less demand. Also, the seasonal "February Break" phenomenon appears to be occurring now.

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