Thursday August 17, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking lower this morning along with European stocks after the Fed gave mixed signals as to when it could start unraveling its balance sheet. Energy stocks are also weighing on markets as the US showed crude production at a 2 year high, continuing worry of a global oil glut. Asian stocks closed mixed for the day.
Technicals
The SPY consolidated further throughout yesterday’s session while holding back above the 20 EMA but below the ascending resistance. Support will lie at the low of yesterday’s range at $246.45, followed by $246.16, the 20EMA at $246.15, gap entry at $245.55, gap fill at $244.80, then the 50SMA at $244.75. Support continues at $243.75, followed by $243.70, gap entry at $243.30, gap fill at $242.55, and finally the the 100SMA at $241.34. Resistance will lie at the high of yesterday’s range at $247.57, followed by the ascending resistance at $247.85 and record highs at $248.91.
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**
Economic Calendar
0830 Weekly Unemployment Claims, est. 240k
0830 Philadelphia Fed Business Outlook Survey, est. 18.0
1030 EIA Natural Gas Report
1300 Fed Pres. Kaplan Speaks
1345 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
Alibaba (BABA) – EPS Est. $0.73
Wal-Mart Stores (WMT) – EPS Est. $1.06
Notable Earnings After Close
Ross Stores (ROST) – EPS Est. $0.76
Gap (GPS) – EPS Est. $0.52
