Monday August 28, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are drifting lower in early trading. Investors are surveying the impact that Hurricane Harvey will have on the markets. The hurricane has shut down over 7% of the nations refining capacity along the Texas coast sending gasoline futures higher. Neither Yellen nor Draghi released any clues into future monetary policy from the global summit in Jackson Hole over the weekend. Asian stocks settled mostly mixed.
Technicals
The SPY put in a pivot high resistance point at $245.62 during Friday’s session to then close back near the lows to end the week. Support will lie at the low of Friday’s range at $244.39, followed by $243.75, then gap entry at $243.55, gap fill at $243.20, the 100SMA at $241.94, then $241.83, $240.85, and the recent support pivot at $240.65. Resistance will lie at the high of yesterday’s range at $245.61, followed by $246.60, ascending resistance at $248.31 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 July wholesale inventories, expected +0.3%
1030 Dallas Fed Manufacturing Survey, expected 15.7
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
