Friday January 12, 2018
Economic Calendar & Watch List
US Futures are up along with European stocks. Investor optimism is high coming into, what is expected to be, another strong earnings season. Global economic outlook is high with China reporting stronger than expected exports. European shares are up with news of German negotiators coming to a preliminary accord on a coalition. Asian stocks settled mostly higher to end the week.
The SPY gapped lower to open yesterday’s session and closed the gap, consolidating below Tuesday’s highs . Support will first lie at a pivot at $272.94, followed by $272.00, then $270.65, the 20EMA at $269.97, the top of the recent consolidation at $268.80, then the low of the recent consolidation at 267, and a short term pivot at $265.45. Support continues with ascending support at $264.45, the 50SMA at $264.16, a recent swing low pivot at $262.71, then pivots at $260.75, $260, $259.20, and the 100SMA at $257.52. Resistance will lie at all time highs at $276.12.
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**
8:30 Consumer Price Index
8:30 Retail Sales
12:00 Fed Pres. Harker Speaks
1:00 Baker-Hughes Rig Count
4:15 Fed Pres. Rosengren Speaks
Notable Earnings Before Open
J P Morgan Chase (JPM) – EPS Est. $1.69
PNC Financial (PNC) – EPS Est. $2.20
Wells Fargo & Company (WFC) – EPS Est. $1.04
Notable Earnings After Close