Wednesday March 30, 2016
Economic Calendar & Watch Lists 3/30/2016
US futures are higher this morning after the market digests the comments of Janet Yellen which confirmed the delay in future rate hikes. European stocks are trading sharply higher by over +1.5% and Asian stocks closed higher with China’s Shanghai Composite closing over +2.75% higher.
The SPY surged higher in yesterday’s session testing the recent double top at $205.23 to close slightly back below. Due to the large gap higher, support will lie at $205.89, followed by the the high of yesterday’s range and the double top formation at $205.23, and then the low of yesterday’s range at $202.40. Resistance will lie at $207.21, $207.79, and $208.48.
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**
8:15 Mar ADP employment change expected +195,000
10:30 EIA Weekly Petroleum Status Report
1:00 Treasury auctions $28 billion of 7-year T-notes
1:00 Chicago Fed President Charles Evans speaks
Notable Earnings Before Open
$PAYX: Paychex – EPS Est. $.50, Rev Est. $751.14M
$LULU: Lululemon – EPS Est. $.82, Rev Est. $691.89M
$CCL: Carnival Cruise Lines – EPS Est. $.31, Rev Est. $3.63B
Notable Earnings After Close
$MU: Micron – EPS Est. $(.10) Rev Est. $3.05B
March 30th Watch List
$ARAY – This is a trend reversal battling long term resistance at 5.67. Over that, this can open up and see 6-6.25 in a short time. Looking for an entry over 6.67-6.70, stop 6.50.
$INVN – A big sideways flag here that is pinching the EMAs. Time to sh*t or get off the pot for this one. In a strong market, this thing pops up. Looking for a long over 8.30, stop 8.00. Target will be 8.72 and then 9.
$MBLY – A nice bullish setup here after a pullback to suppor around 35. We have a good chance at a couple points here, more if it breaks out. Looking for the move back to 38.50 resistance, and then possibly 40. Long entry will be over 36.40, stop 36.
$ZEN – On watch for the move back to 21.30 – 21.80 resistance. This is a big bull flag going back to February. Looking for the long OVER 20.60, stop 20.00. Add spot over 20.81.
$SRCL – Looking to add to the open short on this higher, or lower. Will alert any updates on this. In this for now with small size to give it some room.