Wednesday March 22, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are pointing lower this morning after yesterday’s sharp decline. European stocks are also trading lower by -0.45% on carryover from the US markets. The price of crude is lower by -1.15% after API data released late yesterday showed stockpiles rose over 4.5 million BBL. Asian stocks closed lower led by the Nikkei down -2%.
Technicals
The SPY sold off on increased volume throughout yesterday’s session after breaking its 20 day EMA. Support will lie at the low of yesterday’s range at $233.58, followed by $233.59, the 50 day moving average at $232.45, then $232.16, $231.77, and $230.62. Resistance will lie at the 20 day EMA at $236.21, followed by the high of yesterday’s range at $237.61, then $237.97, $238.10, $239.20, $239.44, $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**
$NKE
Economic Calendar
9:00 January FHFA house price index expected +0.4% m/m
10:00 February existing home sales expected -2.4% to 5.56
10:30 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
NONE
Notable Earnings After Close
Five Below (FIVE) – EPS Est. $0.89
PVH Corp. (PVH) – EPS Est. $1.19