Thursday December 7, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are up slightly as Pres. Trump and lawmakers prepare to negotiate a long term budget deal and vote on a short term spending bill to avoid a partial government shutdown. European stocks are also up with the GDP data that shows the fastest pace of growth in nearly 6 ½ years. Asian stocks closed mixed.
Technicals
The SPY paused its pull back off Monday’s record highs and consolidated throughout yesterday’s session after gapping down to start the session. Support will first lie at the 20EMA at $260.99, followed by $260.75, the ascending resistance channel line at $260.17, the recent pivot at $260, a short term pivot at $259.20, the 50SMA at $257.33, a pivot at $255.63 and at $254.30, then the 100SMA at $252.15. Resistance will lie at Yesterday’s high of $263.71, then $265.15, then 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
8:30 Weekly Unemployment Claims, expected 240k
8:30 Fed Pres. Dudley Speaks
Notable Earnings Before Open
Dollar General (DG) – EPS Est. $0.94
Notable Earnings After Close
NONE