Tuesday December 5, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are slightly higher on optimism that the US House and Senate will work on a compromise for tax legislation.European stocks are slightly lower in early trading after failed Brexit talks along with a drop in Eurozone retail sales, the largest in nearly 4 years, is weighing on European markets. Asian stocks closed the day mostly lower.
Technicals
The SPY posted new highs on the open yesterday then drifted lower throughout the remainder of the session. Support will first lie at $264.08, followed by $260.75, then the 20 EMA at $260.35, the recent pivot and the ascending resistance channel line at $260, a short term pivot at $259.20, the 50SMA at $256.76, a pivot at $255.63 and at $254.30, then the 100SMA at $251.79. Resistance will lie at the all time highs at $266.80.
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**
NVDA, BABA
Economic Calendar
8:30 International Trade, expected -47.1b
8:55 Redbook
Notable Earnings Before Open
AutoZone (AZO) – EPS Est. $0.32
Notable Earnings After Close
Veeva Systems (VEEV) – EPS Est. $0.16
Dave & Buster’s (PLAY) – EPS Est. $0.24
Restoration Hardware (RH) – EPS Est. $1.03