Morning Notes
US Futures and European stocks are drifting lower this morning in early trading. European stocks are being pulled lower by a drop in technology stocks. US Futures are lower in part to a suspension of the Tax bill vote in the Senate and a possible partial US Gov’t shutdown if a spending bill is not passed by next Friday. Asian stocks settled mixed to end the week.
Technicals
The SPY (NYSE:SPY) continued to push higher on strength throughout yesterday’s session posting new all time highs on higher than average volume. Support will first lie at $263.63, followed by $260.75, then the recent pivot at $260, the ascending resistance channel line at $259.73, followed closely by the 20 EMA at $259.55, a short term pivot at $259.20, the 50SMA at $256.16, then a pivot at $255.63, a pivot at $254.30, and the 100SMA at $251.39. Resistance will lie at the all time highs at $266.05.
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**
Nutanix Inc (NASDAQ:NTNX), Ulta Beauty Inc (NASDAQ:ULTA)
Economic Calendar
9:05 Fed Pres. Bullard Speaks
9:30 Fed Pres. Kaplan Speaks
10:00 ISM Manufacturing Index
Notable Earnings Before Open
Big Lots (NYSE:BIG) – EPS Est. $0.04
Notable Earnings After Close
NONE