Monday, August 22, 2016
Economic Calendar & Watch Lists
US Futures are slightly lower along with European markets also trading lower as the price of crude oil takes nearly a -3% hit early. Iran commented that they would be boosting oil supplies by upwards of 150K BPD since the reopening of several of their oil fields. Asian stocks closed mostly mixed.
The SPY consolidated throughout last week while holding higher price levels which could potentially mean more highs in the near term. Support will lie at the low of Friday’s range at $217.74, followed by the upper support pivot at $217.30, then $217.02, $216.78, and $215.83. Resistance will lie at the high of Friday’s range at $218.75, then $218.90, and all time highs at $219.50.
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 July Chicago Fed national activity index
11:00 USDA weekly grain export inspections
3:00 USDA Jul Cold Storage
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
Notable Earnings After Close