Thursday March 31, 2016
Economic Calendar & Watch Lists 3/31/2016
US futures are pointing to a slightly lower after yesterday’s strong move while European stocks trade over -1.25% lower. Asian markets closed mildly higher.
The SPY gapped higher in yesterday’s session and ended the day well off the highs. Support will lie at the low of yesterday’s range at $205.59, followed by the recent double top formation which now becomes support at $205.23, and then the low of Tuesday at $202.40. Resistance will lie at the high of yesterday’s range at $206.87, followed by $207.21 and $207.29.
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**
8:30 Weekly initial unemployment claims expected unchanged at 265,000
8:30 USDA weekly Export Sales
9:00 Mar Milwaukee ISM, Feb +4.86 to 55.22
9:45 Mar Chicago PMI expected +3.2 to 50.8
12:00 USDA Q1 quarterly grain stocks
Notable Earnings Before Open
Notable Earnings After Close
March 31st Swing Watch List
$SPY – Reaching December resistance with a high RSI and light volume. Looking for a short term pull back here. Will be using a credit spread to keep risk small here. Looking at the May16 210/215 call spread, credit of around 1.40-1.45. STO May16 210c, BTO May16 215c. This is a great hedge opportunity for anyone holding long positions for a the next couple weeks heading into earnings.
$YELP – A nice move up after earnings lows. This has just completed a pull back to support and is now curling back up. IF market stays strong, I like this for a move back 23.00. Long entry is over 20.60-20.75, stop 20.00.
$HCHC – An interesting setup following a massive spike in 2 day relative volume. This has good range, but needs to sustain the volume. Long is over 3.76, stop 3.50. Room to 4.10 and then 5.
$XON – On short watch as this big mover is struggling to hold support at the EMAs & 33 area. Looking for a breakdown to 29.50-30. Short entry under 33, stop 34. This has a wide ATR, so give it room and consider smaller size!