Tuesday October 17, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European stocks are slightly higher in early trading. European gains were limited due to cuts in Spain’s GDP and less than expected surveyed economic growth in Germany. Asian stocks settled mostly higher. Chinese stocks pulled back ahead of a meeting and Japan’s Nikkei rose to a near 21 year high.
Technicals
The SPY posted new record highs in Monday’s session as the market continues its melt up. Support will lie at the low of Monday’s range at $254.82, followed by $254.64, $254.37, $253.98, $253.65, $253.20, $252.56, the 20EMA at $252.48, then $252.23, $251.30, the former ascending resistance at $251.20, and the recent pivot at $250.15. Resistance will lie at the record highs of $255.51.
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**
NFLX, HOG
Economic Calendar
8:55 Redbook
9:15 Industrial Production Report, expected +0.1%
Notable Earnings Before Open
Johnson & Johnson (JNJ) – EPS Est. $1.8
UnitedHealth (UNH) – EPS Est. $2.57
Goldman Sachs (GS) – EPS Est. $4.31
Morgan Stanley (MS) – EPS Est. $0.81
CSX (CSX) – EPS Est. $0.51
Harley-Davidson (HOG) – EPS Est. $0.41
Notable Earnings After Close
International Business Machines (IBM) – EPS Est. $3.28