Economic Calendar & Watch List
Morning Notes
US Futures are flat to slightly lower while European stocks edge lower by roughly -.50% on carryover from the move lower in US markets yesterday. US markets sold off into yesterday’s close after the FOMC minute were released hinting towards more rate hikes in the near future, causing investors to reduce their exposure. Asian markets were also under pressure as Japan’s Nikkei closed lower by over -1.4% while the Hang Seng and Shanghai composite closed lower by over -1%.
Technicals
The SPY (NYSE:SPY) traded higher throughout the majority of yesterday’s session and then sold off into the late afternoon and close. Support will lie at the low of yesterday’s range at $234.54, followed closely by both the 50 day EMA at $234.28 and the low of Monday’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 $229.39. Resistance will lie at the 20 day EMA at $235.47, followed by the high of yesterday’s range at $237.39 then $237.61. New short term descending resistance falls at $237.80, followed by the remaining levels of resistance at $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**
Bed Bath & Beyond Inc (NASDAQ:BBBY)
Economic Calendar
8:30 Weekly initial unemployment claims expected -8,000 to 250K
8:30 USDA weekly Export Sales
9:30 San Francisco Fed President John Williams speaks
Notable Earnings Before Open
Lowe’s Companies Inc (NYSE:LOW)– EPS Est. $0.85
Target Corporation (NYSE:TGT) – EPS Est. $1.20
Notable Earnings After Close
American Eagle Outfitters (NYSE: NYSE:AEO) – EPS Est. $0.18
Cisco Systems (Nasdaq: NASDAQ:CSCO) – EPS Est. $0.55
Salesforce.com Inc (NYSE:CRM) – EPS Est. $0.23
Take-Two Interactive Software Inc (NASDAQ:TTWO) – EPS Est. $0.26