Thursday March 9, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking lower this morning while European stocks are trading relatively flat as weakness in energy weighs on markets. The price of crude is trading lower again by over -1.7% after EIA data showed inventories at more record highs. Markets are awaiting the results of ECB meeting and a statement from ECB president Mario Draghi on the status of their monetary policy. Asian stocks closed predominantly lower.
Technicals
The SPY continued its drift lower throughout yesterday’s session as it consolidates after a sharp rally over the last month. Near term support will lie at the low of yesterday’s range at $236.40, followed by $236.01, $235.41, $235.09, and $233.95. Resistance will lie at the high of yesterday’s range at $237.64 followed closely by $237.77, then $238.12, $238.61, $239.57, and record highs at $240.32.
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**
$TLRD
Economic Calendar
8:30 Weekly initial unemployment claims expected +15,000 to 238
8:30 February import price index expected +0.1%
8:30 USDA weekly Export Sales
12:00 USDA WASDE Mar crop production
1:00 Treasury 30 year Bond Auction
Notable Earnings Before Open
Staples (SPLS) – EPS Est. $0.26
Stratasys (SSYS) – EPS Est. $0.05
Notable Earnings After Close
Ulta Salon (ULTA) – EPS Est. $2.13
