Wednesday November 8, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are down slightly this morning with concern on the progress of US tax reform after reports of the tax plan being held up in the Senate. European stocks are being pulled down by losses in the banking sector and relative weakness in the mining industry based on chinese demand forecasts. Asian stocks closed the day mixed.
Technicals
The SPY posted new record intraday highs early in yesterday’s session then drifted lower throughout the remainder of the day. Support will lie at the low of yesterday’s range at $258.09, followed by $257.30, the 20EMA at $256.27, then $256.19, $255.63, $253.98, $253.65, $253.20, $252.56, the 50SMA at $252.51, the recent pivot at $250.15. Resistance will lie at all time highs at $259.35.
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
10:30 EIA Petroleum Status Report
Notable Earnings Before Open
MGM Resorts (MGM) – EPS Est. $0.33
Notable Earnings After Close
Monster Beverage (MNST) – EPS Est. $0.40
Albemarle Corporation (ALB) – EPS Est. $1.07
