Wednesday January 24, 2018
Economic Calendar & Watch List
US Futures are up slightly while European stocks are down slightly in early trading. The USD index hit a 3 year low after US Tres. Secretary Mnuchin stated a weakening dollar would strengthen US trade. This sent European shares lower with rally in the EUR/USD, thus dropping exporters. This downside was limited by an unexpected rise in Eurozone composite PMI to an 11 ½ year high. Asian stocks settled the day mixed.
The SPY continued to exhibit strength after its break from the recent consolidation during the end of last week in yesterday’s session. Support will first lie at $280.11, followed by $276.13, the 20EMA at 274.94. Support continues at $274.10, $272, $270.65, the top of the recent consolidation at $268.80, then the 50SMA at $267.22, and the low of the recent consolidation at 267. Ascending support falls at $266.20, then a short term pivot at $265.82, a recent swing low pivot at $262.71, then $260.75, and the the confluence of the 100SMA and a pivot at $260. Resistance will lie at all time highs at $283.62.
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**
TXN, UAL, PBYI
9:45 PMI Composite Flash
10:00 Existing Home Sales
10:30 EIA Petroleum Status Report
Notable Earnings Before Open
General Electric (GE) – EPS Est. $0.28
United Technologies (UTX) – EPS Est. $1.56
Royal Caribbean (RCL) – EPS Est. $1.20
Notable Earnings After Close
Las Vegas Sands (LVS) – EPS Est. $0.77
United Rentals (URI) – EPS Est. $3.34
Whirlpool (WHR) – EPS Est. $4.01