Friday October 21, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are slightly lower this morning while action in European markets is muted. MSFT is trading higher by over +5% in the pre market on better than expected Q1 earnings results and is hitting levels that have not been seen since December 1999. ECB president Mario Draghi said their QE program would not experience a sudden stop during yesterday’s ECB meeting. Asian stocks closed mostly lower.
Technicals
The SPY traded in a very tight, consolidated range yet again throughout yesterday’s session showing no sign of decisive direction. Support will lie at the low of yesterday’s range at $213.11, followed by the recent support pivot at $212.50, then $212.17, $211.21, and $210.78. Resistance will lie at the 100 day moving average at $214.20, followed by the heavy resistance between $214.50 – $214.60, then $215.74, $215.99, and $216.10.
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**
$MSFT
$ALKS
$PYPL
Economic Calendar
NONE
Notable Earnings Before Open
GE: General Electric – EPS Est. $.31, Rev Est. $30.03B
HON: Honeywell – EPS Est. $1.60, Rev Est. $10.11B
MCD: Mcdonald’s – EPS Est. $1.48, Rev Est. $6.29B
Notable Earnings After Close
NONE
