Daily Morning Report

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

Friday, November 10–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight, on profit taking and on worries about U.S. tax reform legislation getting bogged down in Congress. U.S. stock indexes are pointed toward moderately lower openings when the New York day session begins.

There were no significant news developments overnight to move the markets.

The key outside markets on Friday find U.S. dollar index near steady in early U.S. trading. The greenback bulls have faded a bit late this week.

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Thursday, November 9–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward modestly lower openings when the New York day session begins. The world stock indexes are seeing normal corrective, profit-taking pullbacks from recent gains that put the indexes at or near record or multi-year highs.

In overnight news, the Euro zone said it sees its annual GDP at up 2.2% in 2017 and at 2.1% in 2018. These numbers are a bit better than the previous GDP forecasts from the EU. The EU sees annual inflation for the bloc at 1.5% this year and at 1.4% in 2018. These numbers are slightly higher from the previous EU inflation forecasts.

U.S. President Trump is in China, as part of his big Asian trip. Reports said Trump and Chinese Premiere Xi are getting along very well, but there were no major breakthroughs on economic or North Korea matters.

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The U.S. Treasury bond futures prices have made a strong rebound from the October low. A steep fledgling uptrend is now in place and prices have just hit a seven-week high. The T-Bond bulls have regained the slight near-term technical advantage, which means the path of least resistance for prices is now sideways to higher for at least the near term. Stay tuned!–Jim