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.



« Commodity Markets Weaker in Early Trading | Main | U.S. Stock Indexes, Crude Oil Firmer Early Today »

U.S. Dollar Firmer in Early Trading

CURRENCIES

The June U.S. dollar index is higher in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at last week's high of 74.06 and then at 74.25. Shorter-term support is seen at the overnight low of 73.42 and then at 73.00. Today's key near-term Fibonacci support/resistance level: 74.21. Wyckoff's Intra Day Market Rating: 5.5

The June Euro is lower in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5373 and then just below support at this week's low of 1.5340. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5459 and then at 1.5500. 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: 1.5537. Wyckoff's Intra Day Market Rating: 4.5

GOLD

Gold is weaker in early dealings today. For June gold, shorter-term technical resistance is seen at the overnight high of $870.00 and then at $875.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $860.00 and then at $855.00. Today's key near-term Fibonacci support/resistance level: $873.60. Wyckoff's Intra-Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are weaker early today. Look for buy stops to reside just above resistance at the contract high of $126.98 and then just above resistance at $127.00. Look for sell stops just below technical support at $124.00, and then more sell stops just below support at $123.00. Today's key near-term Fibonacci support/resistance level: $123.50. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were lower 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 bearishly postured early today. It will be interesting if corn bulls step in to buy weakness in that market today. Corn has been the strongest of the grain markets, but the bulls have faded just recently.

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