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.



« Gold and Crude Oil Higher Early Monday | Main | U.S. Stock Index Futures Weaker in Early Trading »

U.S. Dollar Weaker in Early Trading

CURRENCIES

The June U.S. dollar index is weaker in early trading today. Bulls still have some upside technical momentum on their side after big gains last week. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at last week's high of 73.90 and then at 74.25. Shorter-term support is seen at the overnight low of 73.44 and then at 73.30. Today's key near-term Fibonacci support/resistance level: 73.41. Wyckoff's Intra Day Market Rating: 5.5

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 1.5393 and then more stops just below support at last week's low of 1.5329. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5470 and then at 1.5500. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.5583. Wyckoff's Intra Day Market Rating: 5.0

GOLD

Gold is higher in early dealings today, on short covering after hitting a fresh 3.5-month low late last week. For June gold, shorter-term technical resistance is seen at $875.00 and then at $880.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $865.00 and then at the overnight low of $858.70. Today's key near-term Fibonacci support/resistance level: $888.20. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are higher early today. In June crude, look for buy stops to reside just above resistance at $118.00 and then just above resistance at $119.00. Look for sell stops just below technical support at $116.00, and then more sell stops just below support at $115.00. Today's key near-term Fibonacci support/resistance level: $116.27. Wyckoff's Intra-Day Market Rating: 6.5

GRAINS

Prices were mostly lower in overnight trading. Corn and soybeans were lower and wheat was slightly higher. Any bigger moves in the key "outside markets" today will likely influence the grain futures prices. Grain traders are still watching weather in the U.S. Corn Belt. The wet conditions in the Corn Belt are still bullish for corn and modestly bearish for soybeans.

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