Thursday July 13, 2017
Economic Calendar & Watch List
US Futures and European stocks are up this morning after Fed Chair Yellen’s dovish comments. Investors are still awaiting the testimony from Yellen this morning and other FOMC members later today. IEA raises oil-demand forecast through 2018 and says output increased in June. Asian stocks closed modestly higher on the day with signs of growth in the global economy.
The SPY gapped higher yesterday and held the gains throughout the remainder of the trading session. Support will lie at the low of yesterday’s range at $243.30, followed by gap fill at $242.55, then the 20 EMA at $242.46, the 50 SMA at $241.58, continued with $240.85, and the near term support pivot at $240.65.Resistance will lie at the high of yesterday’s range at $244.20, then $244.38, $244.73, $244.87, and the record highs at $245.01.
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**
1000 ET Fed Chair Yellen Testifies
1030 ET Natural Gas Storage
1130 ET FOMC Member Evans Speaks
1300 ET FOMC Member Brainard Speaks
1400 ET Federal Budget Balance
Notable Earnings Before Open
Delta Air Lines. (DAL) – Est EPS $1.64
Notable Earnings After Close