Daily Morning Report

Monday, April 16–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The marketplace mostly took in stride the U.S.-led missile attack on Syria on Saturday. The outcome is what most had expected to happen when they went home for the weekend on Friday. However, what is still uncertain is if more U.S. missile strikes are coming, and how Russia will react to the situation. The U.S. is preparing to slap more economic sanctions on Russia. Still, the sense of traders and investors at present is that the conflict will not escalate.

The key U.S. data point of the day will be the March retail sales report. Forecasters expect sales in March rose 0.3%.

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Friday, April 13–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. This week has seen a marked improvement in trader and investor risk appetite, despite rising tensions between the U.S., Russia and Syria. The perceived improving prospects for a negotiated trade agreement between the U.S. and China—the world’s two largest economies—have put the marketplace more at ease.

The key “outside markets” on Friday morning see the U.S. dollar index slightly lower. Nymex crude oil prices firmer and trading above $67.00 a barrel. Crude oil prices hit a 3.5-year high overnight.

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The June e-mini S&P stock index futures prices are in a downtrend, as seen on the daily bar chart. The recent “collapse in volatility” in the index, which is defined by at least three price bars in a row being much smaller (smaller daily trading ranges), suggests a much bigger price move is on the horizon. Given that prices are in a downtrend, technical odds favor the bigger price move that is likely forthcoming being on the downside. Stay tuned!

Thursday, April 12–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were steady to firmer overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Anxiety in the world marketplace has eased just a bit today, regarding a potential imminent U.S. military strike against Syria. President Trump has just tweeted that the timeframe of a strike could be sooner or later.

The key “outside markets” on Thursday morning see the U.S. dollar index higher. Meantime, Nymex crude oil prices are slightly higher and trading near $67.00 a barrel. Brent crude oil is trading near $72.00 a barrel. Crude oil prices on Wednesday hit a more-than-two-year high, as tensions between the U.S., Syria and Russia have heightened this week.

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Tuesday, April 10–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight. U.S.
stock indexes are also pointed toward higher openings when
the New York day session begins. Keener risk appetite
remains in the marketplace early this week.

The U.S.-China trade tensions have significantly eased
early this week. Trump administration officials said on
Sunday and Monday that trade sanctions against China are
not imminent and there is time to work out a solution to
the matter. China’s Premiere Xi Jinping said today he wants
a more open Chinese economy and pledged to do a better job
of protecting intellectual property.

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Nymex crude oil bulls have faded recently and an uptrend line on the daily bar chart is in jeopardy of being negated. There is also the specter of a bearish double-top reversal pattern forming on the daily chart. The oil market bulls need to step up early this week, or technical clues that a market top is in place are likely to mount by later this week. Stay tuned!