Economic Calendar and Watch List
Morning Notes
US Futures are tracking modestly lower this morning while European stocks follow suit. US auto purchasing reports came in light for the month of March, the lowest in 2 years which raised economic concerns for the US economy. Asian stocks closed lower.
Technicals
The SPY (NYSE:SPY) sold off to test the 50 day EMA early in yesterday’s session to then close out the day well off the lows but back below the 20 day EMA. Support will lie at the 20 day EMA at $235.55, followed closely by both the 50 day EMA at $233.95 and the low of yesterday’s range at $233.91. Then, $233.14, $231.61, $230.62, $229.56, $229.39, $228.31, $228.10 and the 100 day SMA at $228.58. Resistance will lie at the yesterday’s range at $236.03, followed by $236.52, $237.61, $237.97, $238.10, $239.20, $239.44, $239.57, and record highs at $240.32.
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**
KATE (NYSE:KATE)
NVDA (NASDAQ:NVDA)
Economic Calendar
8:30 February trade balance expected -$46B
10:00 February factory orders expected +1%
4:30 Fed Governor Daniel Tarullo speaks
Notable Earnings Before Open
Conns (NASDAQ:CONN) – EPS Est. ($0.09)
Notable Earnings After Close
NONE