CURRENCIES

The September U.S. dollar index is firmer 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 72.95 and then at 73.00. Shorter-term support is seen at the overnight low of 72.63 and then at 72.50. Today's key near-term Fibonacci support/resistance level: 73.15. Wyckoff's Intra Day Market Rating: 5.5

The September Euro is slightly lower in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5673 and then just below support at 1.5600. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5754 and then at 1.5800. 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: 1.5611. Wyckoff's Intra Day Market Rating: 4.5

Continue reading "U.S. Dollar Firmer in Early Trading, After Solid Gains Tuesday" »

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Wednesday, July 23--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is lower crude oil prices that are leading a general sell off in the raw commodity futures complex.

* JIM'S MARKET THOUGHT OF THE DAY *

It appears that the previously bullish large speculative and fund raw commodity futures traders are now really spooked and in a liquidation mode. Crude oil is the key "outside market" leading the declines in the commodity sector. In recent months, traders were willing to step in and "buy the breaks" in the commodity markets, and especially in crude oil. However, now in the crude oil market and in other commodity futures markets the trading psychology has changed to one of "sell the rallies." Most commodity market bulls are wounded as their markets are becoming technically weaker.--Jim

Continue reading "Crude Oil Leads Commodity Market Weakness Early Wednesday" »

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CURRENCIES

The September U.S. dollar index is lower in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 72.14 and then at 72.50. Shorter-term support is seen at the overnight low of 71.96 and then at 71.55. Today's key near-term Fibonacci support/resistance level: 72.51. Wyckoff's Intra Day Market Rating: 4.0

The September Euro is slightly higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5860 and then just below support at 1.5800. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5901 and then at 1.5940. 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: 1.5822. Wyckoff's Intra Day Market Rating: 6.0

Continue reading "U.S. Dollar Weaker in Early Dealings" »

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Tuesday, July 22--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is lower U.S. stock index futures prices, following some bearish earnings reports released after the close on Monday and early today.

* JIM'S MARKET THOUGHT OF THE DAY *

Gold has been in a solid price uptrend for five weeks and is nearing major psychological resistance at $1,000.00 an ounce. Gold has regained a safe-haven status among traders, amid the financial market uncertainty. With gold so close to the $1,000 mark, my bias is it will probably be hit sooner rather than later. Gold at or above $1,000 an ounce also likely means a U.S. dollar that will continue to be under pressure against the other major currencies in the coming weeks.--Jim

Continue reading "Earnings News Pressures Stock Indexes Early" »

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GOLD

Gold is trading higher in early dealings today. For August gold, shorter-term technical resistance is seen at the overnight high of $969.00 and then at $975.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $960.00 and then at the overnight low of $955.70. Today's key near-term Fibonacci support/resistance level: $960.00. Wyckoff's Intra-Day Market Rating: 6.5

Continue reading "Gold Higher in Early Trading Monday" »

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Monday, July 21--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is a rebound in crude oil futures prices after last week's big losses.

* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. stock indexes have made a significant recovery from the recent lows. If the indexes can post bullish weekly high closes this week--or close to them--then that would be an early technical clue that lows are in place and that prices can work sideways to higher in the coming weeks, or longer.--Jim

Continue reading "Crude Oil Rebounds Amid Gulf Storms Brewing" »

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CURRENCIES

The September U.S. dollar index is slightly lower in early trading today. Bears still have some downside near-term technical momentum. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 72.50 and then at Thursday's high of 72.67. Shorter-term support is seen at the overnight low of 72.22 and then at 72.00. Today's key near-term Fibonacci support/resistance level: 72.51. Wyckoff's Intra Day Market Rating: 4.5

The September Euro is modestly higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at this week's low of 1.5735 and then just below support at this week's low of 1.5700. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5841 and then at 1.5900. 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: 1.5822. Wyckoff's Intra Day Market Rating: 5.5

Continue reading "U.S. Dollar Weaker in Early Dealings" »

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Friday, July 18--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is a rebound in crude oil futures prices after the biggest three-day drop in that market in its history.

* JIM'S MARKET THOUGHT OF THE DAY *

Near-term technical damage has been inflicted in the crude oil futures market as prices have dropped around $17.00 a barrel from last week's record high. Crude's plunge has impacted other markets, including the grains, softs and stock indexes. The key question is: Will crude oil traders view this sell off as a buying opportunity? The lower crude oil prices go, the more leery the bulls will be to step in an buy the dip, for fear that prices are headed even lower. Indeed, the psychology of the crude oil market traders has changed this week. Bulls no longer have a swagger.--Jim

Continue reading "Crude Oil Rebounds Overnight" »

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CURRENCIES

The September U.S. dollar index is lower in early trading today. Bears still have solid downside near-term technical momentum. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 72.32 and then at 72.50. Shorter-term support is seen at the overnight low of 72.10 and then at 72.00. Today's key near-term Fibonacci support/resistance level: 72.42. Wyckoff's Intra Day Market Rating: 4.0

The September Euro is modestly higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5761 and then just below support at this week's low of 1.5748. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5846 and then at 1.5900. 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: 1.5822. Wyckoff's Intra Day Market Rating: 6.0

Continue reading "U.S. Dollar Weaker in Early Trading" »

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Thursday, July 17--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today is lower crude oil prices for the third day in a row.

* JIM'S MARKET THOUGHT OF THE DAY *

Today and Friday will be extra important for the crude oil futures market. Bulls are already a bit jittery. Another solid down day Thursday would produce significant near-term technical damage to begin to suggest that at least a near-term market top is in place. In recent months, downside corrections such as this week's have been viewed by traders as buying opportunities, and crude oil prices have rebounded quickly.--Jim

Continue reading "U.S. Stock Indexes See Follow-Through Strength Early" »

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