Monday January 29, 2018
Economic Calendar & Watch List
US Futures are slightly lower and European stocks are flat in early trading to start the week. A rise in Treasury and Bond yields are pressuring stock prices after markets made new highs in Friday’s session. European stocks are feeling more pressure from comments made that the ECB has to end QE as quickly as possible. Asian stocks settled mixed to start the week.
The SPY broke out of consolidation and posted new highs on continued momentum throughout Friday’s session. Support will first lie at $282.4, followed by $280, the 20EMA at 277.31, then $276.13, $274.10, $272, $270.65, the top of the recent consolidation and the 50 SMA at $268.80, 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, the 100SMA at $261.12, then $260.75, and a pivot at $260. Resistance will lie at all time highs at $286.63.
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**
8:30 December personal spending expected +0.4%
8:30 December PCE deflator expected +0.1%
9:00 January Dallas Fed manufacturing activity expected -4.3
Notable Earnings Before Open
Seagate (STX) – EPS Est. $1.4
Lockheed Martin (LMT) – EPS Est. $4.03
Notable Earnings After Close