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.



« Crude Oil Prices Make Quick Rebound from Thursday Sell Off | Main | U.S. Stock Indexes Start Week on Defensive »

Grain Traders Continue to Focus on "Outside" Markets

GRAINS

Prices were higher in overnight trading. Grain traders will continue to focus on the key "outside markets"--crude oil, gold and the value of the U.S. dollar today. These outside markets are in a bullish posture again early today. Trading may be more active in the grains today, as traders get positioned or even positions heading into a long U.S. holiday weekend.

CURRENCIES

The June U.S. dollar index is lower in early trading today. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 72.37 and then at 72.50. Shorter-term support is seen at this week's low of 71.93 and then at 71.70. Today's key near-term Fibonacci support/resistance level: 72.20. Wyckoff's Intra Day Market Rating: 4.0

The June Euro is firmer in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5678 and then just below support at 1.5600. Shorter-term technical resistance for the Euro is seen at this week's high of 1.5796 and then at 1.5850. 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: 1.5708. Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is higher in early dealings today. For June gold, shorter-term technical resistance is seen at $930.00 and then at this week's high of $935.40. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $920.00 and then at the overnight low of $914.70. Today's key near-term Fibonacci support/resistance level: $914.50. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are solidly higher early today. Look for buy stops to reside just above resistance at $134.00 and then just above resistance at $135.00. Look for sell stops just below technical support at $130.00, and then more sell stops just below support at $129.00. Today's key near-term Fibonacci support/resistance level: $129.50. Wyckoff's Intra-Day Market Rating: 7.0

Posted by Jim Wycoff on May 23, 2008 07:58 AM |

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