Wednesday, August 31, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are pointing slightly lower this morning as equities are being weighed on as the price of crude touches 2 week lows. European markets are trading higher by roughly +.50% after German retail sales came in the strongest in 2 years which is the Eurozone’s largest economy. Asian stocks closed mostly mixed.
Technicals
The SPY held the upper range support pivot again in yesterday’s session, closing slightly in the negative for the day. Support will lie at the low of yesterday’s range at $217.35, followed closely by the upper range support pivot at $217.30, then $216.25, $215.83, and former ascending resistance at $215.30. Resistance will lie at the high of yesterday’s range at $218.59, followed by $218.66, $219.12, and all time highs at $219.60.
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**
$VEEV
$PANW
Economic Calendar
8:15 August ADP employment change expected +175K
9:45 August Chicago PMI expected -1.8 to 54
10:00 July pending home sales expected +0.7% m/m
10:30 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
BOBE: Bob Evans – EPS Est. $.45, Rev Est. $313.10M
Notable Earnings After Close
BOX: Box – EPS Est. $(0.19), Rev Est. $94.59M
CTRP: Ctrip.com – EPS Est. $(0.21), Rev Est. $663.50M
CRM: Salesforce – EPS Est. $.22, Rev Est. $2.02B
August 31st Swing Watch List
$GNCA – Long entry over 5.45-5.50, stop 5.20. Target is 6.00, short term.
$TK – Long entry over 7.40-7.50, stop 7.20. Traget is 8, and then 9.00.