Monday March 27, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are sharply lower this morning on news that the House Republicans were unsuccessful in passing the healthcare reform bill. European stocks are also trading slightly lower but were supported after Germany’s business climate for March hit over 5 year highs, the Eurozone’s largest economy. Asian stocks closed mostly lower.
Technicals
The SPY tested and closed back above the 50 day SMA moving average throughout Friday’s session for the fourth consecutive close below the 20 day EMA since the election. Support will lie at the low of Friday’s range at $232.96 followed by the 50 day moving average at $232.89, then $232.16, $231.77, and $230.62. Resistance will lie at the high of Friday’s range at $235.04, followed by $235.34, the 20 day EMA at $235.67, then $237.61, $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**
Economic Calendar
10:30 March Dallas Fed manufacturing activity expected -4
1:15 Chicago Fed President Charles Evans speaks
Notable Earnings Before Open
Cal-Maine Foods (CALM) – EPS Est. $0.22
G-III Apparel Group (GIII) – EPS Est. -$0.10
Notable Earnings After Close
Red Hat (RHT) – EPS Est. $0.61