Daily Morning Report

Thursday, November 16–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, on corrective bounces from selling pressure seen earlier this week. U.S. stock indexes are also pointed toward firmer openings when the New York day session begins.

In overnight news, the Euro zone’s October consumer price index was reported up 0.1% from September and up 1.4%, year-on-year. Those numbers were right in line with market expectations.

The key outside markets on Thursday morning find U.S. dollar index higher on a corrective bounce from selling pressure seen earlier this week. The greenback bulls have faded, technically, this week. Meantime, the Euro currency is lower on a pullback from this week’s good gains. Euro bulls have gained technical strength this week to suggest at least sideways trading in the near term.

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Wednesday, November 15–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight, pressured by falling raw commodity markets, especially crude oil. U.S. stock indexes are also pointed toward lower openings when the New York day session begins.

It’s a very heavy slate of U.S. economic data due for release Wednesday, including the weekly MBA mortgage applications survey, the consumer price index, real earnings, the Empire State manufacturing survey, retail sales, manufacturing and trade inventories, Treasury international capital data, and the weekly DOE liquid energy stocks report.

The consumer price index (CPI) and retail sales will be the U.S. data highlights today. CPI in October is forecast to come in at up 0.1% from September and up 2.0%, year-on-year. Retail sales in October are forecast to come in up 0.1% from September.

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The January frozen concentrated orange juice (FCOJ) market is still in a price uptrend and the bulls still have the overall advantage. Prices Monday hit a multi-month high and then backed way off to close near the daily low. This created a bearish “exhaustion tail” on the daily chart, which suggests the bulls ran out of gas at higher price levels and are now very tired. Now, Monday’s high will be very tough overhead resistance for the FCOJ bulls to overcome. Stay tuned!–Jim

Tuesday, November 14–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed but mostly weaker overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. Stock market traders early this week are concerned about slack progress on the U.S. tax-reform legislation working its way through Congress.

In overnight news, the Euro zone reported its third-quarter GDP at up 0.6% from the second quarter and up 2.5%, year-on-year. Those numbers were right in line with market expectations.

The key outside markets on Tuesday find U.S. dollar index weaker in early U.S. trading. The greenback bulls still have the slight overall near-term technical advantage, but trading has turned choppy.

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Monday, November 13–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight. U.S. stock indexes are also pointed toward lower openings when the New York day session begins. Stock market traders are worried about progress bogging down on the U.S. tax-reform legislation working its way through Congress. Lower closes in the U.S. stock indexes last Friday produced some technical damage, to begin to suggest near-term market tops are in place. Bearish key reversals down on the daily bar charts were confirmed in the S&P and Nasdaq stock index futures.

In overnight news, the British pound is under selling pressure against world currencies as U.K. Prime Minister Theresa May is losing support among members of Parliament.

Reports said the value of the cryptocurrency bitcoin has plunged by around 25% in just a few days’ time. This development is likely lending some support to the safe-haven gold market.

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The e-mini S&P and Nasdaq 100 futures markets both scored bearish “outside days” down on the daily bar chart on Friday, after setting new highs earlier in the session. If these stock indexes show good follow-through selling pressure on Friday, then more significantly bearish “key reversals” down would be confirmed. Such would be early technical clues that these stock indexes had put in near-term market tops. There’s no denying the bull market run in U.S. equities is way long-in-the-tooth. Stay tuned!–Jim