Thursday November 9, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are moderately lower along with European stocks in early trading and ahead of US unemployment data. Investors are concerned over delays on the passage of business friendly tax reform. Japan’s Nikkei had a sharp reversal after posting a new 25 year high and ended the day in the negative, all weighing on global markets. Asian stocks closed the day mostly higher.
Technicals
The SPY consolidated further in yesterday’s session hovering just below the recent record highs. Support will lie at the low of yesterday’s range at $258.15 which also forms a short term pivot. Support continues at the ascending resistance of the current macro channel at $258, followed by $257.30, the 20EMA at $256.53, then $256.19, $255.63, a pivot at $254.3 $253.98, $253.65, $253.20, the 50SMA at $252.80, then $252.56, and a 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**
KSS, SAGE
Economic Calendar
8:30 Weekly Unemployment Claims, expected 232k
10:30 EIA Natural Gas Report
Notable Earnings Before Open
Astrazeneca (AZN) – EPS Est. $0.57
Perrigo (PRGO) – EPS Est. $1.12
Macy’s (M) – EPS Est. $0.19
Notable Earnings After Close
Disney (DIS) – EPS Est. $1.12
NVIDIA (NVDA) – EPS Est. $0.94
Nordstrom (JWN) – EPS Est. $0.63