Tuesday December 19, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are pointing slightly higher as the House is set to vote on the new tax reform package today. A rise in WTI Crude prices is also helping boost the energy sector and global markets. European stocks are down slightly after German business confidence dropped more than expected. Asian stocks settled mixed on the day.
Technicals
The SPY gapped to new record highs to open yesterday’s session and traded in a constricted range. Support will first lie at gap entry at $267.98, followed by gap fill at $267.04, then the 20EMA at $263.82, the recent pivot at $262.71, then $260.75 which correlates with the ascending support. Support continues at $260, the 50SMA at $259.54, a short term pivot at $259.20, a pivot at $255.63 and at $254.30, then the 100SMA at $253.69. Resistance will lie at all time highs at $268.60.
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**
NAV
Economic Calendar
8:30 Housing Starts
8:55 Redbook
1:00 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
Carnival (CCL) – EPS Est. $0.50
Darden Restaurants (DRI) – EPS Est. $0.70
Notable Earnings After Close
FedEx (FDX) – EPS Est. $2.87
Micron Technology (MU) – EPS Est. $2.12
Red Hat (RHT) – EPS Est. $0.50
