Economic Calendar & Watch List
Morning Notes
US Futures are edging higher this morning on details of President Trump’s newly revised tax plan. The President is expected to release the full details in a conference later today. European stocks are trading higher at nearly 3 month highs as exporters lead the rally. Asian stocks closed mostly mixed.
Technicals
The SPY (NYSE:SPY) remained weak in yesterday’s session attempting to consolidate back above the 20EMA. Support will lie at the low of yesterday’s range at $248.81 followed by the 20EMA at $248.38, then $248.08, gap entry at $248.02, gap fill at $247.11, the 50SMA at $246.97, then $246.23, $244.95, $244.62, and the 100SMA at $244.47. Resistance will lie at the high of yesterday’s range at $249.70, followed by $249.98, $250.19 and record highs at $250.32.
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
8:30 August durable goods orders expected +1.0% and +0.3% ex-trans
10:00 August pending home sales expected -0.5%
10:30 EIA weekly Petroleum Status Report
1:30 St. Louis Fed President James Bullard
Notable Earnings Before Open
NONE
Notable Earnings After Close
Jabil Circuit (NYSE:JBL) – EPS Est. 0.54
Pier 1 Imports Inc (NYSE:PIR)– EPS Est. -0.06
Thor Industries Inc (NYSE:THO) – EPS Est. 1.95