Daily Morning Report

Thursday, March 22–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The global equity markets are seeing pressure in part due to a slightly hawkish FOMC meeting of the Federal Reserve that concluded Wednesday afternoon with a quarter-point U.S. rate hike, which was fully expected. The technology sectors remain under pressure this week amid the FaceBook data scandal.

The Bank of England holds its monetary policy meeting on Thursday.

In overnight news, the Euro zone’s composite purchasing managers index (PMI) came in at 55.3 in March. That was below market expectations for a reading of 56.7. A reading above 50.0 suggests growth.

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Wednesday, March 21–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

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

The major economic data point of the week will be this afternoon’s statement at the conclusion of the Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning. Federal Reserve Chairman Jerome Powell will also hold his first press conference this afternoon. Most expect the Fed to slightly raise U.S. interest rates today.

The Bank of England holds its monetary policy meeting on Thursday.

A major snowstorm on the East Coast of the U.S. has closed the federal government offices in Washington, D.C. However, economic data will be released via the government agency websites.

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June e-mini S&P futures trading has turned choppy recently, but an uptrend line has has been negated early this week. The major chart damage that occurred in January and February was never completely repaired, which still suggests the S&P has put in a major market top. For that notion to change, prices will have to push to new highs, which is now a very tall order. Stay tuned!

Tuesday, March 20–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. U.S. stock indexes are pointed toward modestly lower openings when the New York day session begins. The technology sectors in world stock markets are under pressure this week after Facebook gave consumer data to a firm involved with the Trump presidential campaign. The worries are that governments will slap restrictions on social media and their gathering of consumer data.

The major economic data point of the week will be the Federal Reserve’s Open Market Committee meeting (FOMC) that begins Tuesday morning and ends Wednesday afternoon with a statement. Federal Reserve Chairman Jerome Powell also holds his first press conference after the meeting. Most expect the Fed to slightly raise U.S. interest rates at this week’s meeting.

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Monday, March 19–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The specter of a protectionist U.S. trade policy and a rise in U.S. interest rates this week are negatives for equity markets.

There was more turmoil in the Trump administration over the weekend, amid new accusations against President Trump’s administration after an FBI official was fired. However, the marketplace is not reacting much, as the situation has become almost routine.

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April Nymex crude oil futures price action has been choppy recently. Such has formed a bullish symmetrical triangle on the daily bar chart. Symmetrical triangles are continuation patterns. Given that the most recent trend before the pattern developed was up, technical odds favor an upside breakout from the pattern. However, the fundamentals of the crude oil market do not favor the bulls. Increasing U.S. crude oil production in recent months has put a cap on crude oil prices. Stay tuned!