Friday November 10, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are drifting lower this morning on further concerns regarding tax reform. Specifically, corporate tax cuts are feared to not be in effect until 2019. This news comes after the market’s sharp rally on an expected tax reform implementation this year. European stocks are also trading lower near 2 week lows on the recent tax reform news. Asian stocks closed predominantly lower led by the Nikkei off nearly -1%.
Technicals
The SPY pulled back to test the 20EMA in yesterday’s session yet managed to close positive on the day. Support will lie at the 20EMA at $256.68, followed by the low of yesterday’s range at $256.36, then $256.19, $255.63, a pivot at $254.30, $253.98, $253.65, $253.20, the 50SMA at $253.04, then $252.56, and a recent pivot at $250.15. Resistance will lie at $258.20 which also forms a short term pivot followed by 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
10:00 November University of Michigan consumer sentiment exp +0.2
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE