Wednesday November 1, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are modestly higher this morning while European stocks are trading at 2 year highs after the price of crude surged on a sharp drop in API data late yesterday along with strength in mining stocks. Metals are moving significantly higher, specifically nickel, on higher demand from electric automakers. Asian stocks closed higher.
Technicals
The SPY continued its consolidation trading in a tight range during yesterday’s session. Support will lie at the low of yesterday’s range at $256.81 followed by $256.41, $255.63, the 20EMA at $255.16, then $253.98, $253.65, $253.20, $252.56, $252.23, the former ascending resistance at $251.90, then $251.30, and the recent pivot at $250.15. Resistance will lie at yesterday’s high of $257.44, then $257.60 and all time highs at $257.89.
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**
EVCH, EL, CHKP
Economic Calendar
10:00 ISM Manufacturing Index, expected 59.5
10:30 EIA Petroleum Status Report
2:00 FOMC Meeting Announcement
Notable Earnings Before Open
Allergan (AGN) – EPS Est. $4.06
Notable Earnings After Close
Facebook (FB) – EPS Est. $1.29
QUALCOMM (QCOM) – EPS Est. $0.70
Tesla, Inc. (TSLA) – EPS Est. $-3.09
