Morning Notes
US Futures are edging higher along with European shares early. The global central bankers are kicking off their annual 3 day meeting today with key speeches coming from Fed Chair Yellen and ECB Draghi on Friday. Investors will also be listening closely for hints of when the Fed will start to unwind its balance sheet which could be as soon as September. Asian stocks settled mostly mixed.
Technicals
The SPY found resistance at its 20EMA then consolidated and closed just below its 50SMA during yesterday’s session. Support will lie at the low of yesterday’s range at $244.16, followed by gap entry at $243.55, gap fill at $243.20, then $241.83, the 100SMA at $241.76, then $240.85, and the recent support pivot at $240.65. Resistance will lie at the high of yesterday’s range at $245.05, followed by the 20EMA at $245.27, then $245.62, $246.60, ascending resistance at $248.18 and record highs at $248.91.
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
0830 Weekly Unemployment Claims, est. 236k
0945 PMI Composite Flash, est. 54.3
1030 EIA Natural Gas Report
Notable Earnings Before Open
Dollar Tree (NASDAQ:DLTR) – EPS Est. $0.87
Tiffany & Co (NYSE:TIF) – EPS Est. $0.88
Burlington (NYSE:BURL) – EPS Est. $0.50
Notable Earnings After Close
Ulta (NASDAQ:ULTA) – EPS Est. $1.78
Broadcom (NASDAQ:AVGO) – EPS Est. $3.50
VMware (NYSE:VMW) – EPS Est. $0.84
Autodesk (NASDAQ:ADSK) – EPS Est. $-0.37