Tuesday January 17, 2017
Economic Calendar & Watch List
US Futures are tracking modestly lower this morning while European stocks also trade lower by nearly -1% after President elect Trump commented on the US Dollar’s strength being too much with most effect being attributed to China and how they purposely keep their currency low. The slide in the dollar has given gold a boost to nearly 2 month highs. Asian markets closed mostly mixed.
The SPY consolidated throughout Friday’s session with limited trading range. Support will lie at the low of Friday’s range at $226.69, followed by the recent support pivot at $224.89, then $223.88 and $222.73. Resistance will lie at the high of Friday’s range at $227.45 which also coincides with the recent descending resistance. Above that lies more resistance at $227.45, $227.75, $227.81, and all time highs at $228.34.
Small Cap Watch List
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**Others On Watch**
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8:30 Jan Empire manufacturing survey general business conditions expected -0.8 to 8.2
8:45 New York Fed President Dudley speaks
Notable Earnings Before Open
Bank of the Ozarks (OZRK) – EPS Est. $0.69
Morgan Stanley (MS) – EPS Est. $0.64
UnitedHealth Group (UNH) – EPS Est. $2.07
Notable Earnings After Close
CSX Corp. (CSX) – EPS Est. $0.49
United Airlines (UAL) – EPS Est. $1.41