Economic Calendar & Watch List
Morning Notes
US Futures are tracking modestly higher this morning while European markets are also trading higher on positive outlooks for the global economic environment after a manufacturing report out of China showed the fastest growth in 4 years. The price of crude is moving higher by over +2% as OPEC plans to follow through with their plans to cut production. Asian stocks closed predominantly higher.
Technicals
The SPY (NYSE:SPY) drifted lower on its last trading day in 2016, pulling back off of record highs. Support will lie at the low of Friday’s range at $222.73, followed by $221.38 and $220.66. Resistance will lie at the high of Friday’s range at $224.89 which also coincides with a recent pivot. After $224.89, resistance lies at $226.59, $226.73, $227.81, and record highs at $228.34.
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**
Depomed Inc (NASDAQ:DEPO)
9:45 Final December U.S. Markit manufacturing PMI expected unrevised at 54.2
10:00 December U.S. ISM manufacturing index expected +0.5 to 53.7
10:00 November construction spending expected +0.5%
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE