Grain Bulls Regaining Strength
GRAINS
Prices were solidly higher again in overnight
trading, amid another serious weakening in the
value of the U.S. dollar that has sparked fresh
speculative and fund buying interest in most
commodity futures markets. Bulls are working on
repairing recent near-term chart damage. Traders
are keenly awaiting next Monday morning’s USDA
planting intentions report.
CURRENCIES
The June U.S. dollar index is solidly lower again
in early trading today. Bears have quickly regained
downside technical momentum. Slow stochastics for
the dollar index are bearish early today. The
dollar index finds shorter-term technical
resistance at 72.50 and then at the overnight high
of 72.70. Shorter-term support is seen at the
overnight low of 72.03 and then at 72.75. Today's
key near-term Fibonacci support/resistance level:
72.45 Wyckoff's Intra Day Market Rating: 3.0
The June Euro is sharply higher in early electronic
trading and is back near the contract and all-time
high. The Euro finds sell stop orders are likely
located just below technical support at 1.5600 and
then more stops just below support at the overnight
low of 1.5521. Shorter-term technical resistance
for the Euro is seen at the overnight high of
1.5694 and then at 1.5750. 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: 1.5271.
Wyckoff's Intra Day Market Rating: 8.0
GOLD
Gold is solidly higher in early dealings today,
amid a sharply lower U.S. dollar. For June gold,
shorter-term technical support is seen at the
overnight low of $939.60 and then at $930.00. Sell
stops likely reside just below those levels. Buy
stops likely reside just above resistance at the
overnight high of $954.20 and then just above
resistance at $960.00. Today's key near-term
Fibonacci support/resistance level: $958.70.
Wyckoff's Intra-Day Market Rating: 7.0
CRUDE OIL
Crude oil prices are higher early today. In May
crude, look for buy stops to reside just above
resistance at $103.00 and then just above
resistance at $104.00. Look for sell stops just
below technical support at the overnight low of
$101.43, and then more sell stops just below
support at $100.00. Today's key near-term Fibonacci
support/resistance level: $103.16. Wyckoff's Intra-
Day Market Rating: 7.0


Name: Jim Wyckoff 






