Wednesday January 17, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are pointing sharply higher while European stocks are flat this morning. US stocks are moving higher with investors on optimism that House members will pass a spending bill before the partial government shutdown. Positive comments from Fed Pres. Kaplan are also helping push stocks higher as he expects the economy to be strong this year along with a drop in the unemployment rate. Asian stocks settled the day mixed.
Technicals
The SPY gapped higher to start yesterday’s session then retraced the entire move from highs to close the day back near the lows on increased volume. Support will first lie at $276.13, followed by $274.10, then $272, the 20EMA at $271.09, then $270.65, 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 the 50SMA at $264.97, then ascending support at $264.88, a recent swing low pivot at $262.71, then pivots at $260.75, $260, $259.20, and the 100SMA at $258.18. Resistance will lie at all time highs at $280.09.
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**
ADNT, IBM
Economic Calendar
8:55 Redbook
9:15 Industrial Production
3:00 Fed Pres. Evans Speaks
3:15 Fed Pres. Kaplan Speaks
4:30 Fed Pres. Mester Speaks
Notable Earnings Before Open
Goldman Sachs (GS) – EPS Est. $4.90
Notable Earnings After Close
Alcoa (AA) – EPS Est. $1.23
