Daily Morning Report

Tuesday, September 19–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. Traders and investors worldwide are a bit cautious ahead of the U.S. Federal Reserve’s monetary policy meeting.

Gold prices are slightly higher in pre-U.S. day session trading, on some tepid short covering following recent selling pressure that pushed prices to a three-week low on Monday.

The markets’ highlight of the week is the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement. No interest rate changes are expected from the FOMC at this meeting. However, it is expected the Fed will announce it is drawing down its balance sheet of securities. Fed Chair Janet Yellen will hold a press conference after the FOMC meeting ends. Also, the Federal Reserve will release inflation projections that will be closely scrutinized.

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Monday, September 18–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. U.S. stock indexes are near their record highs scored recently.

Gold prices are lower in pre-U.S.-day-session trading. Less risk aversion in the marketplace the past week has dented the safe-haven metal market bulls.

The markets’ highlight of the week is the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement. No interest rate changes are expected from the FOMC at this meeting. However, it is expected the Fed will announce it is drawing down its balance sheet of securities.

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The grain futures markets got a bearish USDA monthly supply and demand report earlier this week that pressured prices. However, the grains quickly absorbed that bearish news and proceeded to stabilize or even rally the rest of the week. The bulls’ resilience this week is another clue that harvest lows in the grain markets are in place. Stay tuned!–Jim

Friday, September 15–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets traded narrowly mixed overnight and
U.S. stock indexes are pointed toward weaker openings when the New York day session begins.

Gold prices are slightly lower in pre-U.S.-day-session trading.

The marketplace is so far showing a very muted reaction to the news North Korea has fired another ballistic missile over Japan. The U.N. Security Council is holding an emergency meeting today on the matter. On Thursday North Korea threatened to “sink Japan” with its nuclear missiles and also to reduce the U.S. mainland “to ashes.” The big unknown in this situation is how far will President Trump be pushed before he responds with military force.

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Thursday, September 14–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly weaker overnight. Some weak economic data coming out of China dented investor risk appetite. Industrial production, fixed-asset investment and retail sales were all lower than expected in August. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

Gold prices are near steady in pre-U.S. day-session trading.

The marketplace is awaiting the conclusion of the Bank of England’s regular monetary policy meeting Thursday. The BOE is not expected to make any changes in its monetary policy.

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The U.S. stock indexes have recently hit record highs and the bulls are in firm near-term technical control. Bullish weekly high closes this Friday, or close to it, would signal another solid leg up in the indexes in the coming few weeks. Remember, however, that we are in the historically turbulent months of September and October. The major U.S. stock market crashes have mostly occurred in late September or October. Still, technicals are suggesting sideways to higher price action in the U.S. stock indexes, until there is a bearish near-term chart signal to suggest otherwise. Stay tuned!–Jim