Thursday October 19, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower this morning. Political tensions in Spain with Catalonia is weighing on the global markets. Tech stocks are pulling on the market with a production cut in AAPL iPhone 8 models along with signs of a slight slowdown in the Chinese economy. Asian stocks settled the day mostly mixed.
Technicals
The SPY continued its melt up in Wednesday’s session on lower than average volume finding support at Tuesday’s record highs yet ending the session slightly negative. Support will lie at the low of yesterday’s range at $255.50, followed by $254.98, then $254.82, $254.64, $254.37, $253.98, $253.65, $253.20, the 20EMA at $253.02, then $252.56, $252.23, the former ascending resistance at $251.37, then $251.30, and the recent pivot at $250.15. Resistance will lie at the record highs of $255.95.
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**
ADBE, AAPL
Economic Calendar
8:30 Weekly Unemployment Claims, expected 240k
8:30 Philadelphia Fed Business Outlook, expected 20.2
10:30 EIA Natural Gas Report
Notable Earnings Before Open
Verizon (VZ) – EPS Est. $0.98
Philip Morris (PM) – $1.38
Notable Earnings After Close
PayPal (PYPL) – EPS Est. $0.32
WD-40 Company (WDFC) – EPS Est. $0.97