Thursday January 25, 2018
Economic Calendar & Watch List
US Futures and European stocks are up slightly in early trading. Commodity and energy sectors are up with weakness in the USD along with EIA data that showed a drop US oil inventories for the 10th consecutive week. European stocks are awaiting the press conference from ECB Pres. Draghi at the conclusion of the ECB meeting today. Asian stocks settled the session mostly lower.
The SPY posted new record highs again at the open of yesterday’s session, but exhibited weakness through the day on increased volume. Support will first lie at $280, followed by $276.13, the 20EMA at 275.69. Support continues at $274.10, $272, $270.65, the top of the recent consolidation at $268.80, then the 50SMA at $267.72, and the low of the recent consolidation at 267. Ascending support falls at $266.30, then a short term pivot at $265.82, a recent swing low pivot at $262.71, then $260.75, the 100SMA at $260.38, and a pivot at $260. Resistance will lie at all time highs at $284.70.
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**
CAT, MU, LRCX
8:30 Weekly Unemployment Claims, expected 240k
8:30 International Trade In Goods
8:30 Housing Starts
Notable Earnings Before Open
Caterpillar (CAT) – EPS Est. $1.77
3M Company (MMM) – EPS Est. $2.03
Celgene (CELG) – EPS Est. $1.77
American Airlines (AAL) – EPS Est. $0.92
JetBlue (JBLU) – EPS Est. $0.34
Notable Earnings After Close
Intel (INTC) – EPS Est. $0.86
Starbucks (SBUX) – EPS Est. $0.57
Western Digital (WDC) – EPS Est. $3.44