Grains Seen Under Pressure in Early Trading Friday

Tags: Market News
25 Apr 1:14pm
Posted by JimWyckoff
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GRAINS

Prices were lower in overnight trading. The key "outside markets" are mixed to bearishly postured for the grains early today. Gold is steady, crude oil higher and the U.S. dollar is higher. The stronger dollar will limit the upside in grains in the early going today. Grain bears do have downside near-term technical momentum. Grain traders are still watching weather in the U.S. Corn Belt and Plains states, which is still deemed overall bullish for corn but slightly bearish for soybeans and wheat.

CURRENCIES

The June U.S. dollar index is higher in early trading today. Bulls have gained some fresh upside technical momentum this week. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 73.25 and then at 73.59. Shorter-term support is seen at the overnight low of 72.70 and then at 72.50. Today's key near-term Fibonacci support/resistance level: 73.45. Wyckoff's Intra Day Market Rating: 6.0

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 1.5522 and then more stops just below support at 1.5500. Shorter-term technical resistance for the Euro is seen at 1.5600 and then at the overnight high of 1.5675. 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: 1.5356. Wyckoff's Intra Day Market Rating: 4.0

GOLD

Gold is near steady in early dealings today. Bears still have downside technical momentum on their side. For June gold, shorter-term technical resistance is seen at the overnight high of $893.80 and then at $900.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $880.00 and then just below support at the April low of $876.30. Today's key near-term Fibonacci support/resistance level: $907.00. Wyckoff's Intra-Day Market Rating: 4.0

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 the contract high of $118.98. 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: $116.41. Wyckoff's Intra-Day Market Rating: 6.0

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About

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another. Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college. When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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