Thursday August 31, 2017
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are higher this morning with signs of strength in the global economy led in part by strong US economic growth. The third round of Brexit talks are set to conclude today and will release an update on the status of discussions. Asian stocks settled mixed on the day.
Technicals
The SPY rallied yesterday for the 2nd consecutive day opening at the 50SMA, breaking the recent pivot resistance to end just off the highs to close the session. Support will lie at the low of yesterday’s range at $244.62, followed by $242.93, the 100SMA at $242.24, then $241.83, $240.85, and the recent support pivot at $240.65. Resistance will lie at the high of yesterday’s range at $246.32, followed by $246.60, then ascending resistance at $248.51 and record highs at $248.91.
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
0830 Weekly Unemployment Claims, expected 237k
0945 Chicago PMI, estimated 58.0
1030 EIA Natural Gas Report
Notable Earnings Before Open
Dollar General (DG) – EPS Est. $1.09
Notable Earnings After Close
Palo Alto Networks (PANW) – EPS Est. $-0.20
Lululemon (LULU) – EPS Est. $0.35
