Wednesday December 19, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are higher in early trading. Markets are higher this morning with renewed optimism in the US/ China trade relations as both sides have held talks and face to face meetings are expected to occur in January. Investors are waiting for the release from the FOMC meeting for more insight into the strength of the economy and the potential of interest rate hikes in the near future. Asian markets settled the session mostly lower.
Technicals
The SPY consolidated near the recent lows in yesterday’s session, encountering support at the $254 area. Support is first found at $254.67, followed by $253 and $250. Resistance first lies at the $260, followed by $263, $265, the 20EMA at $265.94, $268 and $270. It continues with the 200SMA and $275.5 confluence, then the 100SMA at $279.49, 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**
Economic Calendar
10:00 Existing Home Sales
2:00 FOMC Meeting Announcement
2:30 Fed Chair Press Conference
Notable Earnings Before Open
General Mills (GIS) – EPS Est. $0.81
Paychex (PAYX) – EPS Est. $0.63
Notable Earnings After Close
NONE