Friday April 7, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking lower this morning while European stocks slip into the negative in Friday trading. President Trump launched airstrikes against Syria in response to the gas attack. The price of crude oil spiked overnight also as a result of the offensive against Syria as investors seek safe havens including gold. Asian market settled lower.
Technicals
The SPY traded higher throughout the majority of yesterday’s session testing the 20 day EMA to then close back below. Support will lie at the low of yesterday’s range at $234.43, followed closely by both the 50 day EMA at $234.39 and the low of Monday’s range at $233.91. Then, $233.14, $231.61, $230.62, $229.56, $229.39, $228.31, $228.10 and the 100 day SMA at $229.16. Resistance will lie at the 20 day EMA at $235.44, followed by the high of yesterday’s range at $236.04, then $237.39 and $237.61. New short term descending resistance falls at $237.70, followed by the remaining levels of resistance at $237.97, $238.10, $239.20, $239.44, $239.57, and record highs at $240.32.
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**
NONE
Economic Calendar
8:30 Weekly initial unemployment claims expected -8,000 to 250K
8:30 USDA weekly Export Sales
9:30 San Francisco Fed President John Williams speaks
1:00 Baker Hughes Rig Count
3:00 Consumer Credit
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
