Friday July 8, 2016
Economic Calendar & Watch Lists 7/8/2016
Morning Notes
US Futures are slightly higher this morning as European stocks surge higher again by over +1% as the market awaits the June payroll numbers. Asian stocks closed mostly lower.
Technicals
The SPY tested the macro descending resistance level at $209 and used it as a support point yet again in yesterday’s session. Support today will lie at the macro descending resistance level at $209, followed by the low of yesterday’s range at $208.63, the 50 day moving average at $207.72 and then the upper range support pivot at $207. Resistance will lie at the high of yesterday’s range at $210.65, followed by $210.87, $211.19, and $212.22.
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**
$JUNO
Economic Calendar
8:30 June non-farm payrolls expected +180,000
8:30 Jun avg hourly earnings expected +0.2% m/m
8:30 USDA weekly Export Sales
3:00 May consumer credit expected +$16B
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
July 8th Swing Watch List
$SWIR – Long entry over 17.20, stop 16.60. Target add spot of 17.50. Target is 18.30
$DXPE – Long entry over 16.40, stop 15.75. Target is into the gap and 17.20.
$NTLA – Super oversold and beaten down, looking for a quick bounce on this one. Long entry over 19.60, stop 18.65. Target is 21.00 and then 22.50.
$NSP – Short entry under 74.88, stop 75.88. Target is 72.35.
$POST – On short watch under 84, stop 85.40. Target is near 80. Will use a credit spread here due to high implied volatility. Look for a 30-5o% move.