Thursday, September 8, 2016
Economic Calendar & Watch Lists
US Futures are relatively flat this morning while European markets are trading slightly lower after the ECB said it would keep all three key interest rates unchanged. The price of crude jumped higher by over +1.5% after API inventories showed a rather large drop of 12.1M bbl last week. Asian stocks closed predominantly lower.
The SPY traded slightly higher throughout yesterday’s session while consolidating at these recent higher price levels . Support will lie at the low of yesterday’s range at $218.30, followed by the low of Tuesday’s range at $217.86, then $217.70 and the upper range support pivot at $217.30. Resistance will lie at the high of yesterday’s range at $219.22, followed by all time highs at $219.60.
Small Cap Watch List
*Please refer to the momentum scanners displayed live in the chat room for potential plays at the market open.
**Others On Watch**
8:30 Weekly initial unemployment claims expected +2,000 to 265,000
11:00 EIA Weekly Petroleum Status Report
3:00 July consumer credit expected +$16B
Notable Earnings Before Open
Notable Earnings After Close