In This Issue
U.S. Dollar Index Bulls Flex Their Muscles
Economic Reports and Expiration Notices
by Jim Wyckoff
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The September U.S. dollar index futures on Wednesday hit a fresh six-week high. The index has seen a strong rally from the summertime lows, and in the process formed a bullish double-bottom reversal pattern on the daily bar chart. Bulls have gained solid upside technical momentum in the dollar index. The next upside price objective is to push and close prices above solid chart resistance at the 82.00 level. See on the daily chart for the September dollar index that the shorter-term moving averages I follow (9- and 18-day) are in a bullish mode as the 9-day is above the 18-day moving average. One early technical clue that the uptrend in the dollar index is weakening would be if these two moving averages produced a bearish line crossover signal, whereby the 9-day crossed back below the 18-day moving average. A drop in the dollar index below solid technical support at the 80.87 level would deflate the bears and produce some near-term technical damage. The longer-term chart for the dollar index also shows that prices had recently dropped to a support zone that had in past major downtrends halted the downtrends and kicked off fresh longer-term price uptrends. Stay tuned!--Jim
Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at Jim Wyckoff
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 08/16 Thu |
7:30 AM CDT - Housing Starts & Building Permits(Jul) 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Gas Storage 11:00 AM CDT - Philadelphia Fed(Aug) 3:30 PM CDT - Money Supply |
LT: Sep Crude Oil Options(NYM)
|
| 08/17 Fri |
9:00 AM CDT - Michigan Sentiment-Prel(Aug)
2:00 PM CDT - Cattle On Feed 2:00 PM CDT - Milk Production 2:00 PM CDT - Dairy Products Prices |
LT: Aug Valueline Options(KCBT)
Aug Nikkei 225 Options(CME) Aug DJIA Options(CBT) Aug NASDAQ 100 Options(CME) Aug S&P 500 Options(CME) Aug E-Mini Options(CME) Aug S&P 500 Options(CME) Sep Orange Juice Options(NYBOT) |
| 08/20 Mon |
|
FN: Sep Cocoa(NYBOT)
|
| 08/21 Tue |
|
LT: Sep Crude Oil(NYM)
|
| 08/22 Wed |
9:30 AM CDT - API & DOE Energy Stats
2:00 PM CDT - Cold Storage |
|
| 08/23 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Jul) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Sep Coffee(NYBOT)
|
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!