Wednesday November 22, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are moderately higher in early trading with a boost from Crude Oil prices. Oil prices jumped after API data showed a larger than expected draw on crude inventories. European stock are also getting edging higher on positive comments out of the ECB on the strength of the economy. Asian stocks closed mostly higher on carry over from strength in US markets.
Technicals
The SPY gapped sharply higher to begin yesterday’s session and remained strong throughout the day, closing above the macro channel. Support will lie at ascending resistance channel line at $259, followed by the 20 EMA at $257.53, then a pivot at $255.63, the 50SMA at $254.73, a pivot at $254.30, followed by another recent pivot at $250.15 which coincides with the 100SMA. Resistance will lie at the all time highs at $260.20.
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**
DE
Economic Calendar
8:30 Durable Goods Orders
8:30 Weekly Unemployment Claims, expected 240k
10:30 EIA Petroleum Status Report
2:00 FOMC Minutes
** Markets Closed Tomorrow (11/23/17) For Thanksgiving (US)
Notable Earnings Before Open
Deere & Company (DE) – EPS Est. $1.42
Notable Earnings After Close
NONE
