Friday February 24, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking modestly lower this morning while European stocks trade sharply lower by over -1% on increased uncertainty ahead of France’s nearing presidential election. President Trump will be speaking to Congress on Tuesday with a focus on Tax reform and many are eager to hear his proposal which has also caused uncertainty in US markets resulting in liquidation ahead of his speech. Asian stocks closed predominantly lower.
Technicals
The SPY tested new record highs throughout yesterday’s session and ended slightly lower into the close. Near term support will lie at the low of yesterday’s range at $235.56, followed by $235.51, $235.09, $233.95, $233.85, $233.39, and $232.16. Resistance will lie only at the high on yesterday’s range at $236.90.
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**
$NVDA
$INCY
Economic Calendar
8:30 USDA weekly Export Sales
10:00 January new home sales expected +6.5% to 571
10:00 Revised February University of Michigan U.S. consumer sentiment expected +0.3
Notable Earnings Before Open
Foot Locker (FL) – EPS Est. $1.32
J.C. Penney (JCP) – EPS Est. $0.61
Notable Earnings After Close
NONE
