Daily Morning Report

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!

Monday, April 9–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.

The markets have not reacted significantly to reports of missile strikes on the Syrian military overnight, after weekend reports that the Syrian army has used poison gas on its civilians. Reports said the missile strikes came from Israeli jets.

The U.S.-China trade dispute simmered down a bit during the weekend. Trump administration officials said on Sunday that trade sanctions against China are not imminent and there is time to work out a solution to the matter.

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Friday, April 6–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight. U.S. stock indexes are also pointed toward lower openings when the New York day session begins. The marketplace is again rattled at least a bit as U.S. President Donald Trump said late Thursday he might impose another $100 billion in tariffs on China’s imports. Meantime, China’s news outlets are already saying China will fight the U.S. on trade matters to the bitter end. Trump has already slapped $50 billion in tariffs on China’s products. In the near term, look for more market volatility coming from this situation. Such should be a positive for the gold and silver markets.

Traders are awaiting Friday morning’s important U.S. employment situation report for March from the Labor Department. The key non-farm payrolls number is forecast to come in at up 178,000. Wednesday’s ADP jobs number came in much higher than expected, at up 241,000, which hints this morning’s job number may also come in hot.

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The U.S. stock indexes have seen a return to higher volatility this week. See on the daily bar chart for the June e-mini S&P futures that prices are in a choppy downtrend. The higher volatility still favors the bearish camp. See the support and resistance lines on the chart. These are major technical levels. Prices are likely to chop between these levels in the near term. However, a push above the resistance line would suggest a challenge of the high scored in January, and even above. A drop below the support line would suggest still more downside price pressure in the coming weeks, or longer. My bias is still that the S&P 500 stock index has put in a major top. Stay tuned!