Daily Morning Report

Monday, April 23–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

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

U.S. Treasury bond yields are on the rise again early this week, with the yield on the 10-year note nearing 3%, which is a multi-year high. Such suggests rising inflationary pressures, but not yet at problematic levels.

The key “outside markets” on Monday morning see the U.S. dollar index trading higher. Nymex crude oil prices are weaker and trading just above $68.00 a barrel.

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A feature in the marketplace late this week is rising government bond yields (falling prices). Some U.S. maturities are at multi-month or multi-year high yields. Rising bond yields suggest rising inflation. Historically, gold and silver have been purchased as hedges against rising inflation. Other raw commodity markets would also benefit from rising inflationary price pressures. Continued rising world government bond yields would also be a bearish element for the world stock markets. Stay tuned!

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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