Friday January 26, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are modestly higher in early trading. Investors are very optimistic on global economic growth. Eyes will be on Pres. Trump today as he delivers a keynote speech at the World Economic Forum. European stocks are gaining from strength in the British economy with faster than expected GDP expansion. Asian stocks settled mixed to end the week.
Technicals
The SPY consolidated throughout yesterday’s session and closed negative for the second consecutive day since the beginning of 2018. Support will first lie at $280, followed by the 20EMA at 276.38, then $276.13, $274.10, $272, $270.65, the top of the recent consolidation at $268.80, then the 50SMA at $268.22, and the low of the recent consolidation at 267. Ascending support falls at $266.70, then a short term pivot at $265.82, a recent swing low pivot at $262.71, then $260.75, the 100SMA at $260.74, 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**
INTC, VMW
Economic Calendar
8:30 Durable Goods Orders
8:30 GDP, expected +3%
1:00 Baker-Hughes Rig Count
Notable Earnings Before Open
AbbVie (ABBV) – EPS Est. $1.44
Honeywell (HON) – EPS Est. $1.84
Gentex Corporation (GNTX) – EPS Est. $0.32
Notable Earnings After Close
NONE