Jim Wyckoff

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Daily Morning Report

U.S. GDP on Deck Friday Morning

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Friday, May 26–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Asian and European stock markets were lower Friday, on the back of sharp losses in the crude oil futures market seen on Thursday. Overseas markets fell despite U.S. stock indexes posting record highs Thursday. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

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Monday, May 15–Jim Wyckoff’s Morning Markets Report

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OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. U.S. stock indexes
are pointed toward narrowly mixed openings when the New York
day session begins.

Gold prices are trading modestly higher in pre-U.S. session
trading.

The feature in the marketplace early this week is a
continuation of the recent rally in the crude oil market.
Nymex crude oil futures prices are challenging $50 a barrel
Monday morning. Reports said Saudi Arabia and Russia have
agreed to extend the current OPEC-Russia oil-production-
reduction accord by nine months. Nymex crude oil prices have
rallied around $6.00 a barrel from the May low.

The world marketplace has not reacted much to weekend news
that North Korea launched another ballistic missile and that
a major cyber-attack that started late Friday has hit
computers around the world.

The other key outside market on Monday morning sees the U.S.
dollar index trading lower. The greenback bears have the
overall near-term technical advantage.

U.S. economic data due for release Monday includes the
Empire State manufacturing survey, the NAHB housing market
index and Treasury international capital data.

–Jim

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly higher in
early U.S. trading. The bulls have the solid overall near-
term technical advantage as prices hover near last week’s
contract and record high. There are no early clues that a
market top is close at hand. The shorter-term moving
averages (4-, 9- and 18-day) are neutral early today. The 4-
day moving average is even with the 9-day. The 9-day is
above the 18-day moving average. Short-term oscillators
(RSI, slow stochastics) are neutral to bearish early today.
Today, shorter-term technical resistance comes in at the
contract high of 2,403.75 and then at 2,415.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 2,375.00 and then at
2,360.00. Sell stops are likely located just below those
levels. Wyckoff’s Intra-day Market Rating: 5.5

Nasdaq index June futures: Prices are slightly weaker in
early U.S. trading after hitting a contract and record high
overnight. Bulls have the solid overall near-term technical
advantage. Shorter-term moving averages (4- 9-and 18-day)
are bullish early today. The 4-day moving average is above
the 9-day and 18-day. The 9-day average is above the 18-day.
Short-term oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is seen at
the overnight contract high of 5,700.25 and then at
5,725.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 5,675.00 and
then at Friday’s low of 5,656.50. Sell stops are likely
located just below those levels. Wyckoff’s Intra-Day Market
Rating: 5.0.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are near steady in early U.S.
trading. Prices are in a four-week-old downtrend on the
daily bar chart. Shorter-term moving averages (4- 9- 18-day)
are bearish early today. The 4-day moving average is below
the 9-day and 18-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is seen at
the overnight high of 151 23/32 and then at 152 even. Buy
stops likely reside just above those levels. Shorter-term
support lies at 151 even and then at Friday’s low of 150
23/32. Sell stops likely reside just below those levels.
Wyckoff’s Intra-Day Market Rating: 5.0

June U.S. T-Notes: Prices are slightly higher in early U.S.
trading. Shorter-term moving averages (4- 9- 18-day) are
neutral early today. The 4-day moving average is above the
9-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bullish
early today. Shorter-term resistance lies at the overnight
high of 125.20.5 and then at 125.24.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 125.13.5 and then at
125.08.0. Sell stops likely reside just below those levels.
Wyckoff’s Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is lower in early U.S. trading.
Bears have the overall near-term technical advantage. The
shorter-term moving averages for the dollar index are
neutral early today as the 4-day is above the 9-day and 18-
day. The 9-day is even with the 18-day moving average.
Short-term oscillators for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 99.140 and then at
99.340. Shorter-term support is seen at 98.500 and then at
the May low of 98.355. Wyckoff’s Intra Day Market Rating:
4.0

NYMEX CRUDE OIL

June Nymex crude oil prices are solidly higher and hit a
three-week high in early U.S. trading. Bulls have upside
momentum to suggest a market bottom is in place. Look for
buy stops to reside just above technical resistance at
$50.00 and then at $51.00. Look for sell stops just below
technical support at $48.50 and then at $48.00. Wyckoff’s
Intra-Day Market Rating: 6.0

GRAINS

Grain futures markets were mixed overnight. Trading has been
choppy recently. Weather in the Corn Belt is non-threatening
at present, which is bearish. But weather in the Corn Belt
can “change on a dime” in the spring and summertime. Grain
market bears still have the overall near-term technical
advantage.