Wednesday April 19, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking modestly higher this morning while European markets also trade higher by +0.4%. Morgan Stanley (MS) reported better than expected Q1 earnings and is trading higher in the pre market, giving financial stocks a lift. Markets await the Fed Beige Book to be released at 2 EST this afternoon for further clues on monetary policy. Asian stocks closed mostly lower.
Technicals
The SPY traded on an inside day throughout yesterday’s session, closing out slightly negative. Support will at the low of yesterday’s range at $233.08, followed by $232.88, $232.51, $231.61, $230.62, and the 100SMA at $230.30. Resistance will lie at the high of yesterday’s range at $234.49, followed by $234.57, the 20EMA at $234.88, then $234.96, $235.18, the 50SMA at $235.24 and the recent pivot point at $236.30. Short term descending resistance falls at $236.95, 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**
$IBM
Economic Calendar
10:30 EIA Weekly Petroleum Status Report
12:00 Boston Fed President Eric Rosengren
2:00 Fed Beige Book
Notable Earnings Before Open
Abbott (ABT) – EPS Est. $0.43
BlackRock (BLK) – EPS Est. $4.88
Morgan Stanley (MS) – EPS Est. $0.64
TD Ameritrade (AMTD) – EPS Est. $0.41
Textron (TXT) – EPS Est. $0.50
U.S. Bancorp (USB) – EPS Est. $0.80
Notable Earnings After Close
American Express (AXP) – EPS Est. $1.28
Kinder Morgan (KMI) – EPS Est. $0.18
Qualcomm (QCOM) – EPS Est. $1.20
Steel Dynamics (STLD) – EPS Est. $0.76
United Rentals (URI) – EPS Est. $1.51
eBay (EBAY) – EPS Est. $0.48
