Thursday November 16, 2017
Economic Calendar & Watch List
Morning Notes
US Futures along with European stocks are down this morning in early trading led by weakness in energy. A drop in crude oil prices after API data late yesterday in conjunction with a stalled tax reform plan is weighing on major indexes. Asian stocks closed predominantly lower.
Technicals
The SPY broke through and closed below the 20EMA in yesterday’s session on increased volume. Support will lie at the low of yesterday’s range at $255.63, followed by a pivot at $254.30, the 50SMA at $253.89, and a recent pivot at $250.15. Resistance will lie at the 20EMA at 256.96, followed by $258.59, and 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**
CSCO, WMT
Economic Calendar
8:30 Weekly Unemployment Claims, expected 235k
9:15 Fed Pres. Mester Speaks
10:30 EIA Natural Gas Report
Notable Earnings Before Open
Wal-Mart (WMT) – EPS Est. $0.97
Best Buy (BBY) – EPS Est. $0.79
Viacom (VIAB) – EPS Est. $0.85
Notable Earnings After Close
Ross Stores (ROST) – EPS Est. $0.67
Gap (GPS) – EPS Est. $0.55
Williams-Sonoma (WSM) – EPS Est. $0.84
