Monday October 3, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are relatively flat this morning along with European stocks as global markets are quiet as markets in Germany, Korea, and China are closed for a holiday. The remainder of Asian stocks closed higher after European banking concerns subsided along with Japan’s ISM number coming in higher than expected.
Technicals
The SPY tested the heavy resistance near $217 to then close well off the highs in Friday’s session. Support will lie at the low of Friday’s range, followed by the near term ascending support at $214.60, then $214.04, $213.62, $213.44, and $213.38. Resistance will lie at a near term macro pivot at $216.80, followed by the 50 day moving average at $216.85, then the high of Friday’s range at $217.12.
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**
$WYNN
$TSLA
Economic Calendar
9:45 Final-September Markit manufacturing PMI expected unchanged at 51.4
10:00 August construction spending expected +0.3% m/m
10:00 September ISM manufacturing index expected +0.9 to 50.3
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
October 3rd Swing Watch List
$AGEN – Watching this big mover for a breakout over the 7.30 area. A bull flag and lots of room to go higher if that breaks. Long entry is over 7.30-7.35, stop 7.00. Target is 8.00 and then 8.40.
$AXL – Long entry here is over stiff resistance at 17.40. Stop is 16.90. Target is 18.15 and then 18.85
$OCN – About to breech the 200 EMA for the first time in a long time. Watching for the squeeze if that level falls. Long entry is over 3.75, stop is 3.55. Target is 4.50.
$BMY – On short watch for a breakdown toward big support at 52. Entry is 53.75, new 52 week lows. Stop will be 54.40. Target is 52.