Dominate Your Market
The U.S. dollar index is a basket of six major world currencies stacked up against the greenback. See on the daily bar chart that the dollar bears are in strong command, with no early chart clues that a market bottom is close at hand. A depreciating dollar is a bullish element for the raw commodity sector. Stay tuned!–Jim
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.
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
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.
Tuesday, June 20–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly higher overnight. However, slumping crude oil prices are limiting the upside for the global bourses. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
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.