Jim Wyckoff

Dominate Your Market

Daily Morning Report

Lazy, Hazy Summertime Stock Market Trading

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Friday, July 21–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global equity markets were steady to narrowly mixed overnight, in quieter dealings amid a lack of fresh, major fundamental news to drive the markets. A lazy, hazy summertime trading atmosphere has enveloped U.S. and European stock markets. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

Gold prices are firmer and hit a three-week high overnight. Prices are in a two-week-old uptrend and bulls have momentum.

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Cotton Market Bears in Technical Control

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The cotton market bears are in firm near-term technical control amid a price downtrend. A bear flag or bearish pennant pattern has also formed on the daily chart. The bulls will have to push prices back above strong chart resistance at 70.00 cents to then suggest a price uptrend can be sustained. Stay tuned!–Jim

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Markets on Hold Ahead of Yellen Testimony To Congress

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Wednesday, July 12–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

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

Gold prices are firmer in pre-U.S.-session trading. Bulls
are trying to keep prices from falling below the technically
important $1,200.00 level.

Focus of the marketplace today is on Fed Chair Janet
Yellen’s testimony on U.S. monetary policy before a U.S.
House of Representatives committee. As usual, markets and
Fed watchers will try to glean from her remarks clues on the
timing and nature of the next monetary policy action from
the U.S. central bank. Many believe the Fed will continue on
a path of gradually tightening monetary policy.

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Marketplace Awaiting FOMC Meeting

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Tuesday, June 13–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, as the recent selling pressure in technology stocks abated. The U.S. Nasdaq stock index is now showing early technical clues of topping out. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.

Gold prices are lower again in early U.S. trading. Bulls have faded just recently as a four-week-old uptrend has been negated.

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Markets Digesting U.K. Election Shocker

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Friday, June 9–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

The feature in the marketplace late this week is the stunning setback for the U.K. ruling Conservative party and Prime Minister Theresa May. Her “snap election” loss of party seats in government has created a “hung Parliament,” which puts May’s fast-track Brexit approach in serious jeopardy, and weakens May, herself. The British pound dropped sharply on the election news and the U.S. dollar index rallied. However, European stock markets were higher on the news.

Gold prices did not rally on the surprise U.K. election results, but instead was pressured by the late-week rally in the U.S. dollar.

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