Wednesday November 29, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly higher in early trading as the new US tax bill is closer to a vote on the Senate floor. Markets are not seeing much reaction after another ICBM launch by North Korea. Investors will be keeping a watchful eye on Fed Chair Yellen as she is slated to speak at 10:00 AM on the economic outlook. Asian stocks closed mixed on the day.
Technicals
The SPY exhibited strength in yesterday’s session on a confirmed break outside of the macro channel setting new all time highs on higher than average volume. Support will first lie at $260.75, followed by a recent pivot at $260, then the ascending resistance channel line and short term pivot at $259.20, followed by the 20 EMA at $258.60, then a pivot at $255.63, the 50SMA at $255.61, a pivot at $254.30, the 100SMA at $250.75, and the ascending support macro channel line at $250.35. Resistance will lie at the all time highs at $262.90.
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**
ADSK, CMG
Economic Calendar
8:30 GDP, expected 3.3%
8:30 Fed Pres. Dudley Speaks
10:00 Fed Chair Yellen Speaks
10:30 EIA Petroleum Status Report
1:50 Fed Pres. Williams Speaks
Notable Earnings Before Open
Tiffany & Co. (TIF) – EPS Est. $0.76
Notable Earnings After Close
Workday (WDAY) – EPS Est. $-0.42
Box (BOX) – EPS Est. $-0.29
