Tuesday, November 28–Jim Wyckoff’s Morning Markets Report
World stock markets were mostly higher overnight. U.S. stock indexes are set to open higher when the New York day session begins. U.S. stock indexes are at record highs. Focus for investors and traders this week includes a U.S. tax-cut plan being pushed through Congress, with its eventual passage still uncertain. The OPEC oil cartel also meets on Thursday. Fed Chairman nominee Jerome Powell also testifies Tuesday afternoon at his confirmation hearing in front of the Senate Banking Committee.
In overnight news, the Paris-based OECD think tank said global economic growth in 2017 will be the best in seven years. The OECD said world economic growth in 2018 will also be good.
The U.S. dollar index is firmer today on a technical bounce from recent selling pressure. The dollar index bears still have the near-term technical advantage, which means the likely path for the greenback will remain sideways to lower.