Thursday January 18, 2018
Economic Calendar & Watch List
Morning Notes
US Futures along with European stocks are higher in early trading as Global markets see a boost from stronger than expected Q4 GDP data from China, exhibiting strength in the global economic outlook. Investors will be awaiting the weekly unemployment data today and are still optimistic that congress will pass a spending bill to avoid a partial government shutdown on Friday. Asian stocks closed the day mixed.
Technicals
The SPY edged higher in yesterday’s session retesting the recent record high and closing just below on increased volume. Support will first lie at $276.13, followed by $274.10, then $272, the 20EMA at $271.87, 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 and the 50SMA at $265.41. Support continues with ascending support at $265.5, then a recent swing low pivot at $262.71, and then pivots at $260.75, $260, $259.20, and the 100SMA at $258.53. 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**
AA, ALB, HTZ
Economic Calendar
8:30 Weekly Unemployment Claims, expected 249k
8:30 Fed Business Outlook Survey
8:30 Housing Starts
11:00 EIA Petroleum Status Report
Notable Earnings Before Open
Morgan Stanley (MS) – EPS Est. $0.77
Notable Earnings After Close
International Business Machines (IBM) – EPS Est. $5.17
American Express (AXP) – EPS Est. $1.54
