Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly higher in early trading with renewed hope that the US will be able to pass the new Tax bill yet this year. Gains were limited, in part, due to a drop in crude oil prices and weakness in the mining sector. Investors will be keeping an eye on the confirmation hearing for J. Powell today, Pres. Trumps nominee to replace Fed Chair Yellen when her term is up in February. Asian stocks closed mixed on the day.
Technicals
The SPY (NYSE:SPY) consolidated near the all time highs throughout yesterday’s session. Support will lie at a recent pivot at $260, followed by the ascending resistance channel line and short term pivot at $259.20, followed by the 20 EMA at $258.18, then a pivot at $255.63, the 50SMA at $255.35, a pivot at $254.30, the 100SMA at $250.75, and the ascending support macro channel line at $250.35. Resistance will lie at the all time highs at $260.75.
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**
MOMO, ROKU
Economic Calendar
8:30 International Trade in Goods, expected $-64.8b
8:55 Redbook
9:15 Fed Pres. Dudley Speaks
10:00 Fed Pres. Powell Speaks
Notable Earnings Before Open
Momo Inc (NASDAQ:MOMO)– EPS Est. $0.32
Notable Earnings After Close
Autodesk (NASDAQ:ADSK) – EPS Est. $-0.33