Tuesday January 16, 2018
Economic Calendar & Watch List
US Futures are up along with European stocks after the extended holiday weekend. Market gains are being lead by increased optimism in the global economic outlook into a new quarterly earnings season. Asian stocks settled mostly higher to start the week.
The SPY continues to surge higher on increased momentum while posting more new record highs in Friday’s session. Support will first lie at $276.13, followed by $274.10, then $272, $270.65, the 20EMA at $270.50, the top of the recent consolidation at $268.80, then the low of the recent consolidation at 267, and a short term pivot at $265.45. Support continues with ascending support at $264.80, the 50SMA at $264.58, a recent swing low pivot at $262.71, then pivots at $260.75, $260, $259.20, and the 100SMA at $257.87. Resistance will lie at all time highs at $278.11.
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**
8:30 Empire State Manufacturing Survey
Notable Earnings Before Open
UnitedHealth (UNH) – EPS Est. $2.50
Citigroup (C) – EPS Est. $1.19
Notable Earnings After Close
CSX (CSX) – EPS Est. $0.56