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 See Short-Covering Bounce Early | Main | U.S. Stock Indexes Lower Early »

U.S. Dollar Firmer, But Trading Choppy

CURRENCIES

The September U.S. dollar index is firmer in early trading today. Trading has become choppy recently. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at Wednesday's high of 73.31 and then at this week's high of 73.49. Shorter-term support is seen at Wednesday's low of 72.76 and then at 72.50. Today's key near-term Fibonacci support/resistance level: 72.89. Wyckoff's Intra Day Market Rating: 5.0

The September Euro is firmer in early electronic trading. Euro finds sell stop orders are likely located just below technical support at 1.5600 and then just below support at this week's low of 1.5555. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5710 and then at 1.5763. 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: 1.5667. Wyckoff's Intra Day Market Rating: 5.5

GOLD

Gold is trading near steady in early dealings today. For August gold, shorter-term technical resistance is seen at the overnight high of $933.30 and then at this week's high of $935.30. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $926.40 and then at $920.00. Today's key near-term Fibonacci support/resistance level: $932.00. Wyckoff's Intra-Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are near steady early today. In August crude, look for buy stops to reside just above resistance at the overnight high of $136.90 and then just above resistance at $138.00. Look for sell stops just below technical support at this week's low of $135.14 and then more sell stops just below support at $134.00. Today's key near-term Fibonacci support/resistance level: $139.27. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were lower in overnight trading. Traders are awaiting this morning's USDA weekly export sales report and Friday morning's monthly USDA supply and demand report. How the corn and soybean markets close on Friday will be key for near-term price direction in those markets. Closes near the weekly low on Friday would be significantly bearish. Corn and bean traders are still reacting to the latest weather forecasts for the Corn Belt, which at present favor the bearish camp. Wheat futures have turned more bearish this week.

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