Friday, March 9–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets traded near steady in quieter action overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
The most important U.S. economic report of the month is on deck today—the employment situation report for February from the Labor Department. The key non-farm payrolls number is forecast to come in at up 205,000. A significant miss on the forecast is likely to gyrate the markets, at least for a bit. The wages component of the jobs report will also be closely scrutinized for a gauge on inflation.
Reports overnight said a meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un is set for May. However, many are skeptical such a meeting will actually take place. Still, the news adds to the upbeat investor risk appetite presently in the world marketplace.
In other overnight news, China and European Union officials lashed out at the new U.S. trade tariffs signed into law by Trump on Thursday.
The key outside markets on Friday morning see the U.S. dollar index firmer. The USDX bears have the firm near-term technical advantage. Nymex crude oil prices are higher early today and trading just above $60.00 a barrel.
Other U.S. economic data due for release Friday includes the monthly wholesale trade report.
–Jim
U.S. STOCK INDEXES
March S&P 500 December e-mini futures: Prices are near steady in early U.S. trading. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at 2,750.00 and then at 2,765.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,725.00 and then at 2,700.00. Sell stops are likely located just below those levels. Wyckoff’s Intra-day Market Rating: 5.0
March Nasdaq index December futures: Prices are slightly higher in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at 7,000.00 and then at the contract high of 7,047.25. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Thursday’s low of 6,913.50 and then at 6,900.00. Sell stops are likely located just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES
June U.S. T-Bonds: Prices are weaker in early U.S. trading. Bears have the firm overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at this week’s high of 144 even and then at the March high of 144 20/32. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 142 21/32 and then at 142 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5
June U.S. T-Notes: Prices are slightly lower in early U.S. trading. Bears have the firm overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 120.07.0 and then at 120.14.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 119.26.5 and then at 119.20.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5
U.S. DOLLAR INDEX
The June U.S. dollar index is slightly higher in early U.S. trading today. The shorter-term moving averages for the dollar index are neutral as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are neutral to bullish early today. The dollar index finds shorter-term technical resistance at 90.000 and then at the March high of 90.490. Shorter-term support is seen at 89.500 and then at 89.250. Wyckoff’s Intra Day Market Rating: 5.5
NYMEX CRUDE OIL
April Nymex crude oil prices are higher in early U.S. trading. Trading has been choppy this week. Look for buy stops to reside just above technical resistance at $61.00 and then at Thursday’s high of $61.40. Look for sell stops just below technical support at this week’s low of $59.95 and then at $59.50. Wyckoff’s Intra-Day Market Rating: 5.5
GRAINS
Grain futures were lower overnight on more profit taking after recent gains. Bulls still have the near-term technical advantage amid price uptrends.
What happened to your daily Chart of the day? Showing possible break out, Support and resistance. I like that daily, it gave me a commodity I could watch to assess maybe taking a position. You used to have a large graph, then reduced its size, now No Chart. I complained before when you reduced the size. Nothing changed. Then a change. No more Daily. Ralph