Tuesday January 2, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are marginally higher in early trading to start 2018. Strength in the Chinese economy and crude oil prices are helping lift global markets after they hit a 2 ½ year high with Iran boosting prices. European stocks are down with weakness in exporters after a drop in the strength of the USD. Asian stocks settled mostly higher to start the new year.
Technicals
The SPY closed the 2017 trading year by continuing its consolidation trend, testing the all time high resistance and finding support at the consolidation pivot low of $266.75. Support will first lie at the 20EMA at $265.68, followed by the short term pivot of $265.46, the recent pivot at $262.71, ascending support at $262.36, then the 50SMA at 261.52 and a pivot at $260.75. Support continues with pivots at $260, $259.20, $255.63, then the 100SMA at $255.30 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**
Economic Calendar
9:45 PMI Manufacturing Index
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
