Daily Morning Report

Friday, April 20–Jim Wyckoff’s Morning Markets Report

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. It’s been a quieter week on the news and geopolitical front. That has allowed the world stock markets to focus on their own corporate earnings reports.

(Hey, if you would like to read my e-book, “Sharpening Your Trading Skills,” just send me an email at jim@jimwyckoff.com and I’ll email it back to you, and it’s FREE.–Jim)

A feature in the marketplace this week has been rising world government bond yields, which suggests inflation is creeping up and that world economies are experiencing healthy economic growth.

The G-20 finance ministers meeting in Washington, D.C. begins Friday and last through the weekend.

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Thursday, April 19–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in quieter trading overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

The key “outside markets” on Thursday morning see the U.S. dollar index trading slightly higher. Nymex crude oil prices are also higher, hit a 3.5-year high, and are trading near $69.00 a barrel. Oil traders are awaiting an OPEC meeting that takes place on Friday.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, and leading economic indicators data.

–Jim

U.S. STOCK INDEXES

June S&P 500 December e-mini futures: Prices are slightly lower in early U.S. trading, on mild profit taking from good gains scored earlier this week. The 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 2,718.50 and then at 2,735.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,778.75 and then at this week’s low of 2,660.75. Sell stops are likely located just below those levels. Wyckoff’s Intra-day Market Rating: 4.5

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Nymex crude oil futures prices are in a strong uptrend and just recently hit a 3.5-year high. The next upside target for the pulls is solid resistance at the $70.00 level. “The trend is your friend” in the marketplace, and the path of least resistance for oil prices will remain sideways to higher, until a significantly bearish technical clue develops. With raw commodity sector leader crude oil trending higher, many other raw commodity markets are also being helped out by oil’s updraft. Stay tuned!

Wednesday, April 18–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher again overnight. U.S. stock indexes are also pointed toward higher openings when the New York day session begins. Strong first-quarter corporate earnings reports are driving the bulls this week, while geopolitics has taken a back seat, for now. Risk appetite is keen so far this week, which is bullish for the stock market and bearish for safe-haven gold.

In overnight news, China effectively slightly eased its monetary policy Wednesday by lowering the reserve requirement ratio for its banks.

The Euro zone consumer price index for March was reported up 1.0% from February and up 1.3%, year-on-year. Those numbers were very close to market expectations.

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Tuesday, April 17–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Risk appetite is back in the marketplace early this week. Focus has turned from geopolitics to generally strong global corporate earnings reports.

In overnight news, China’s annual economic growth came in at 6.8% in the first quarter, which was slightly higher than expected and on pace with 2017’s gross domestic product growth rate.

The Group of Seven industrial nations (G-7) on Tuesday came out with a statement that supported the U.S.-led missile strikes on Syria and condemned the use of chemical weapons in warfare.

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The U.S. dollar index is a basket of six major world currencies weighted against the greenback. The USDX is an important “outside market” that can have a daily impact on many other markets. See on the daily bar chart for the USDX June futures that price action has been choppy and sideways for weeks. The direction in which the index breaks out of the trading range, defined by the support and resistance lines on the chart, will likely be the direction of the next trending move. Stay tuned!