Friday November 24, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are modestly higher in early trading with a boost in global economic outlook. Germany had an unexpected rise in the IFO business outlook to record highs. A rise in the energy sector is further helping propel the markets higher. Oil prices jumped after a reported OPEC deal with Russia to continue their production cuts. Asian stocks closed the week mostly higher.
Technicals
The SPY drifted sideways in Wednesday’s session trading in a tight range on lower than average volume. Support will lie at Wednesday’s low of $259.57, followed by the ascending resistance channel line and short term pifot at $259.07, followed by the 20 EMA at $257.82, then a pivot at $255.63, the 50SMA at $254.92, 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**
Economic Calendar
9:45 PMI Composite Flash
1:00 Baker-Hughes Rig Count
1:00 Markets Closed
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
