Thursday April 13, 2017
Economic Calendar & Watch List
US Futures are tracking modestly lower this morning while European stocks also trade lower by -.50%. The Volatility Index (VIX) is approaching 6 month highs as the continued geopolitical developments weigh on global markets. Yesterday, President Trump commented on the US dollar, “the dollar is too strong” and along with that he prefers a “low interest rate policy.” Trading will likely be light as we move into the Easter holiday. Asian stocks closed mostly mixed.
The SPY edged lower throughout yesterday’s session closing back below both the 50 and 20 day moving averages. Support will at the low of yesterday’s range at $233.77, followed by $233.34, $233.14, $231.61, $230.62, and the 100 day SMA at $229.87. Resistance will lie at the 50 day SMA at $234.92, followed closely by the high of yesterday’s range at $234.96, $235.18, and the 20 day EMA at $235.28, and then the recent pivot point at $236.30. Short term descending resistance falls at $237.25, followed by the remaining levels of resistance at $237.39, $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**
8:30 Weekly initial unemployment claims expected +11,000 to 245K
8:30 March PPI final demand expected unchanged
8:30 USDA weekly Export Sales
10:00 Prelim April University of Michigan U.S. consumer sentiment index expected -0.4 to 96.5
Notable Earnings Before Open
Citigroup (C) – EPS Est. $1.24
JPMorgan (JPM) – EPS Est. $1.52
Wells Fargo (WFC) – EPS Est. $0.97
PNC Financial Services (PNC) – EPS Est. $1.83
Notable Earnings After Close