Friday October 13, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are edging higher in early trading ahead of earnings from US banks. This is due in part to European speculation that the ECB will extend its QE .through September 2018. China is helping lead global growth with higher than expected imports and demand in crude, with imports at their second highest level ever. Asian stocks closed mostly higher after the Nikkei continued its rally reaching its highest level in nearly 21 years.
Technicals
The SPY, again, traded in a constricted range during Thursday’s session finding resistance at all time highs and closing just slightly negative. Support will lie at the low of yesterday’s range at $254.37, followed by $253.98, $253.65, $253.20, $252.56, $252.23, the 20EMA at $251.93, then $251.30, the former ascending resistance at $251, and the recent pivot at $250.15. Resistance will lie at the record highs of $255.06.
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 CPI, expected +.6%
0830 Fed Pres. Rosengren Speaks
1025 Fed Pres. Evans Speaks
1130 Fed Pres. Kaplan Speaks
1300 Baker-Hughes Rig Count
1300 Fed Gov. Powell Speaks
Notable Earnings Before Open
Bank of America (BAC) – EPS Est. $0.46
PNC Financial (PNC) – EPS Est. $2.12
Wells Fargo (WFC) – EPS Est. $1.03
Notable Earnings After Close
NONE