Tuesday January 3, 2017

Economic Calendar & Watch List

Morning Notes

US Futures are tracking modestly higher this morning while European markets are also trading higher on positive outlooks for the global economic environment after a manufacturing report out of China showed the fastest growth in 4 years. The price of crude is moving higher by over +2% as OPEC plans to follow through with their plans to cut production. Asian stocks closed predominantly higher.

Technicals

The SPY drifted lower on its last trading day in 2016, pulling back off of record highs. Support will lie at the low of Friday’s range at $222.73, followed by $221.38 and $220.66. Resistance will lie at the high of Friday’s range at $224.89 which also coincides with a recent pivot. After $224.89, resistance lies at $226.59, $226.73, $227.81, and record highs at $228.34.

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**

$DEPO

Economic Calendar

9:45 Final December U.S. Markit manufacturing PMI expected unrevised at 54.2

10:00 December U.S. ISM manufacturing index expected +0.5 to 53.7

10:00 November construction spending expected +0.5%

Notable Earnings Before Open

NONE

Notable Earnings After Close

NONE