Friday March 31, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking modestly lower this morning while European stocks also trade slightly negative. Concern rose after President Trump said he would conduct a study to expose all forms of faulty trade practice that affects the US deficit with foreign countries. In Europe, March Eurozone core CPI only rose .7% which is the slowest pace in nearly 11 months. Asian stocks closed mostly lower.
Technicals
The SPY reclaimed the 20 day EMA during yesterday’s session and managed to maintain its strength to into the close. Support will lie at the 20 day EMA at $235.55, followed by the low of yesterday’s range at $235.27, then $234.72, the 50 day SMA at $233.58, $233.14, $231.61, $230.62, $229.56, $229.39, $228.31, $228.10 and the 100 day SMA at $228.09. Resistance will lie at the high of yesterday’s range at $236.52, followed by $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**
$BOFI
$LULU
Economic Calendar
8:30 February personal spending expected +0.2%
8:30 February PCE deflator expected +0.1%
9:45 March Chicago PMI expected -0.5 to 56.9
10:00 Final-Mar University of Michigan U.S. consumer sentiment index expected unchanged
10:00 Minneapolis Fed President Neel Kashkari attends banking conference for Q&A
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE