Morning Notes
US Futures are up this morning along with European stocks as WTI crude prices rally on API data released Wednesday. Investors are waiting to hear Fed Chair Yellen’s testimony about the economy and to when the Fed plans to shrink its balance sheet at 1000 ET. Asian stocks closed mostly mixed on the day.
Technicals
The SPY (NYSE:SPY) closed back below the 20 EMA after after a sharp dip lower into the afternoon during yesterday’s session. Support will lie at the 50 SMA at $241.48, followed by the low of yesterday’s range at $240.85, then the near term support pivot at $240.65, continued with $240.56, $240.34, $239.96, $239.51, $238.82 and the 100 SMA at $238.80. Resistance will lie at the the 20 EMA at $242.19, followed by high of yesterday’s range at $242.55, then $242.80, $243.01, $243.38, $243.72, $244.38, $244.73, $244.87, and the record highs at $245.01.
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**
PayPal Holdings Inc (NASDAQ:PYPL)
Economic Calendar
0830 ET Release of Chair Janet Yellen’s opening statement on the economic outlook
1030 ET EIA Weekly Petroleum Status Report
1400 ET Fed Beige Book
1415 ET Kansas City Fed President Esther George speaks
Notable Earnings Before Open
Fastenal Co. (NASDAQ:FAST) Est EPS $0.50
Notable Earnings After Close
NONE