Wednesday December 6, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are drifting lower this morning as lawmakers scramble to put together a spending bill by Friday’s deadline to avoid a partial government shutdown. The price of crude is lower this morning by over -1% after a rise in stockpiles last week according to API data which is weighing on energy producing stocks. European stocks are experiencing weakness and Asian stocks closed mostly lower.
Technicals
The SPY continued its pull back off Monday’s record highs throughout yesterday’s session and is gapping lower this morning. Support will first lie at the 20EMA at $260.61, followed by $260.75, the recent pivot and the ascending resistance channel line at $260, a short term pivot at $259.20, the 50SMA at $257.05, a pivot at $255.63 and at $254.30, then the 100SMA at $251.97. 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**
Economic Calendar
8:15 ADP Employment Report
10:30 EIA Petroleum Status Report
Notable Earnings Before Open
H&R Block (HRB) – EPS Est. $-0.73
Notable Earnings After Close
Broadcom (AVGO)- EPS Est. $3.94
Lululemon (LULU) – EPS Est. $0.52
