Thursday April 20, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are pointing to a higher open this morning after yesterday’s drift lower. European stocks are trading higher by +0.3% on a rebound in oil prices after touching 2 week lows in Wednesday’s trading. The price of crude is trading higher nearly by +1% on speculation that OPEC will extend production cuts past the current deadline of June. Asian stocks closed predominantly higher.
Technicals
The SPY tested and failed to break back above the 20EMA in early trading to then edge lower throughout the remainder of yesterday’s session. Support will lie at the low of yesterday’s range at $233.18, followed by $233.08, $232.88, $232.51, $231.61, $230.62, and the 100SMA at $230.43. Resistance will lie at the 20EMA at $234.75, followed by the high of yesterday’s range at $234.95, then $234.96, $235.18, the 50SMA at $235.18 and the recent pivot point at $236.30. Short term descending resistance falls at $236.90, 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**
$CSX
$URI
Economic Calendar
8:30 Weekly initial unemployment claims expected +6,000 to 240k
8:30 April Philadelphia Fed business outlook survey expected -7.0 to 25.8
8:30 USDA weekly Export Sales
10:00 March leading indicators expected +0.2%
10:30 EIA Natural Gas report
Notable Earnings Before Open
D. R. Horton (DHI) – EPS Est. $0.59
Verizon Communications (VZ) – EPS Est. $0.97
Notable Earnings After Close
Mattel (MAT) – EPS Est. -$0.17
Skechers USA (SKX) – EPS Est. $0.55
Visa (V) – EPS Est. $0.79
