Thursday December 13, 2018
Economic Calendar & Watch List
US Futures and European stocks are slightly higher in early trading. Tensions continue to ease between the US and China as China looks to restructure some programs and is reported to have imported some crops from the US. Gains in overall markets are being limited with a drop in energy stocks as speculators fear a oil surplus even with a OPEC production cut. Asian markets settled the session higher.
The SPY continued to test the $268 pivot during yesterday’s session and failed into the afternoon closing the day near the $265 support. Support is first found at $265, then $263.16, $261.20, then $259.00 and $254.67. Resistance first lies at the $268 pivot, followed by the 20 EMA at $269.53, $270, the $275.5 pivot, the 200SMA at $275.75. It continues with the 100SMA at $280.42, then the $281 pivot area, $286.7, $293.22, then all time highs of $293.94.
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**
TLRD, CIEN, GE
8:30 Weekly Jobless Claims, expected 228k
8:30 Import and Export Prices
Notable Earnings Before Open
Ciena (CIEN) – EPS Est. $0.48
Notable Earnings After Close
Costco (COST) – EPS Est. $1.62
Adobe Systems (ADBE) – EPS Est. $1.89