Monday January 4, 2016
Economic Calendar & Watch List 1/4/2016
Morning Notes
US futures are sharply lower this morning to start 2016 and European stocks are trading lower by over -3% after weaker than expected manufacturing data out of China sent chinese stocks tumbling by nearly -7%. In addition, Saudi Arabia cut ties with Iran sending the price of crude higher. This would mark to largest disengagement in decades between two Middle Eastern powers.
Technicals
The SPY traded sharply lower in Thursday’s session before the New Years Holiday on Friday when markets were closed. Support will lie at the low of Thursday’s range at $203.87, followed by $203.85 amd $201.55. Resistance will lie at the high of Thursday’s range at $205.89, followed by the 200 day moving average at $206.20, the 50 day moving average at $206.89, and then $207.21.
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**
BABA
VRX
TSLA
Economic Calendar
9:45 Final-Dec Markit manufacturing PMI expected -0.3 to 51.0
10:00 Nov construction spending expected +0.7% m/m
10:00 Dec ISM manufacturing index expected +0.4 to 49.0
11:00 USDA weekly grain export inspections
5:30 San Francisco Fed President John Williams speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE