Friday November 17, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are drifting slightly lower this morning on further concern into the investigation of the Trump campaign officials and their potential ties to Russia. Losses in the futures were limited on optimism with regard to the Tax plan that passed the house yesterday. European stocks are trading higher on ECB President Draghi comments explaining how their strong recovery will allow them to be more resilient to future events. Asian stocks closed mostly mixed.
Technicals
The SPY tested the upper macro channel during yesterday’s session closing just below the ascending trend line. Support will lie at the 20 EMA at $257.11, followed by $255.63, a pivot at $254.30, the 50SMA at $254.12, and a recent pivot at $250.15. Resistance will lie at the macro ascending resistance at $258.70, 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
8:30 Housing Starts
1:00 Baker-Hughes Rig Count
Notable Earnings Before Open
Foot Locker, Inc. (FL) – EPS Est. $0.80
Notable Earnings After Close
NONE
