Friday January 19, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are pointing to a higher open as European stocks trade higher early. US House members passed a bill to avoid a partial government shutdown and it now goes to the Senate for final passage. European markets are higher with continued optimism in global economic output. Asian stocks settled the week mostly higher.
Technicals
The SPY traded in a consolidated range encountering resistance at the all time highs creating a triple top on increased volume. Support will first lie at $276.13, followed by $274.10, the 20EMA at $272.53, then $272, $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 $265.82. 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 $258.88. 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**
AXP, IBM, SQ
Economic Calendar
8:30 Consumer Sentiment
1:00 Baker-Hughes Rig Count
Notable Earnings Before Open
Kansas City Southern (KSU) – EPS Est. $1.36
Notable Earnings After Close
NONE
