Wednesday March 15, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking modestly higher this morning while European stocks are also moving into positive territory after a rebound in crude oil prices by +2% after API data was released late yesterday showing a decline in inventories for last week. Markets await the rate decision by the FOMC at 2PM EST today. A 25bp hike in the Fed Funds rate is expected but more attention will likely be placed on the projections made by Fed Chair Janet Yellen. Asian stocks closed mostly mixed.
Technicals
The SPY traded lower throughout yesterday’s session but held above the recent pivot at $235.74. Near term support will lie at the low of yesterday’s range at $236.19, followed by the recent pivot at $235.74, then $235.41, $235.09, and $233.95. Resistance will lie at the high of yesterday’s range at $237.24, followed by $237.86, $238.02, $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**
$MSCI
Economic Calendar
8:30 Mar Empire manufacturing survey general business conditions expected -3.7
8:30 February CPI expected unchanged
8:30 February retail sales expected +0.1%
10:00 March NAHB housing market index expected unchanged at 65
10:00 January business inventories expected +0.3%
10:30 EIA Weekly Petroleum Status Report
2:00 FOMC rate decision, 25bp hike expected
Notable Earnings Before Open
NONE
Notable Earnings After Close
Guess? (GES) – EPS Est. $0.44
Oracle (ORCL) – EPS Est. $0.62
Williams-Sonoma (WSM) – EPS Est. $1.51