Friday November 2, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly lower this morning as markets continue to consolidate after posting new all time highs. Investors are awaiting a tax reform bill rollout from House Republicans along with Pres. Trump’s expected new appointment for the Fed Chair, Jerome Powell. European losses were limited by an unexpected drop in German unemployment numbers and the rate being held at record lows. Asian stocks closed lower today, except for Japan’s Nikkei which rose to a new 21 ⅓ year record high.
Technicals
The SPY opened at new record highs yesterday, then drifted for the remainder of the session. Support will lie at the low of yesterday’s range at $257.07, followed by $256.81, $256.41, $255.63, the 20EMA at $255.38, then $253.98, $253.65, $253.20, $252.56, $252.23, the former ascending resistance at $252.04, then $251.30, and the recent pivot at $250.15. Resistance will lie at yesterday’s all time highs at $258.43.
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**
W, TSLA, BABA, FB
Economic Calendar
8:30 Weekly Unemployment Claims, expected 235k
10:30 EIA Natural Gas Report
12:20 Fed Pres. Dudley Speaks
6:15 Fed Pres. Bostic Speaks
Notable Earnings Before Open
Alibaba (BABA) – EPS Est. $0.84
Yum! Brands (YUM) – EPS Est. $0.65
Wayfair (W) – EPS Est. $-0.68
Notable Earnings After Close
Apple (AAPL) – EPS Est. $1.86
Starbucks (SBUX) – EPS Est. $0.55
Activision Blizzard (ATVI) – EPS Est. $0.45
Chemours (CC) – EPS Est. $1.01
