Friday December 22, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are marginally higher and European stocks are lower in early trading. Congress passed a temporary spending bill allowing the government to continue to operate through January 19. Spain is weighing on European stocks as Catalonia separatists won the election yesterday. Asian stocks settled mostly higher to end the week.
Technicals
The SPY continued its consolidation trend after posting new record highs and filling the gap earlier in the week. Support will first lie at the short term pivot of $265.46, followed by the 20EMA at $264.68, the recent pivot at $262.71, ascending support at $261.49, then a pivot at $260.75. Support continues with the 50SMA at $260.31, a pivot at $260, $259.20, $255.63, then the confluence of the 100SMA and a pivot at $254.30. 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**
CELG, LJPC
Economic Calendar
8:30 Durable goods orders
8:30 Personal Income and Outlays
10:00 New Home Sales
1:00 Baker-Hughes Rig Count
** Note: Market is closed on Monday for Christmas
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
