Wednesday December 20, 2017
Economic Calendar & Watch List
US Futures are pointing higher as the Senate passed the vote on the new tax reform package late yesterday. The House is now set to vote ahead of Pres. Trump signing the new tax reform into law. Energy and mining stocks are helping boost the global markets. European stocks are slightly lower because of political tensions ahead of Spain’s vote on Thursday in Catalonia. Asian stocks settled mixed on the day.
The SPY pulled back from Monday’s record highs into the gap and almost put in a complete fill. Support will first lie at yesterday’s low and gap fill at $267.04, then the 20EMA at $264.14, the recent pivot at $262.71, ascending support at $261.06, then $260.75. Support continues at $260, the 50SMA at $259.81, a short term pivot at $259.20, a pivot at $255.63 and at $254.30, then the 100SMA at $253.89. 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**
10:00 Existing Home Sales
10:30 EIA Petroleum Status Report
Notable Earnings Before Open
General Mills (GIS) – EPS Est. $0.82
Notable Earnings After Close
Bed Bath & Beyond (BBBY) – EPS Est. $0.36