Wednesday December 13, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly lower this morning in early trading following the Alabama election results. Democrats gained a seat in the Senate with an upset election and a blow to President Trump. This puts President Trump’s tax plan in risk of not passing when Republicans lose another vote and has investors have on edge. Investors are also awaiting the minutes that will be released from the FOMC meeting this afternoon and FOMC Chair Yellen will deliver her last speech as chairperson. Asian stocks closed the day mixed.
Technicals
The SPY posted new record highs in yesterday’s session continuing the 5th consecutive positive close. Support will first lie at $262.71, followed by the 20EMA at $262.41, then $260.75, the recent pivot at $260, a short term pivot at $259.20, the 50SMA at $258.50, a pivot at $255.63 and at $254.30, then the 100SMA at $252.91. Resistance will lie at all time highs at $267.32.
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**
WDC, LITE, FNSR
Economic Calendar
8:30 Consumer Price Index, expected 0.4%
10:30 EIA Petroleum Status Report
2:00 FOMC meeting announcement
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
