Monday July 24, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking relatively flat this morning. European markets drift slightly lower with weakness in the US Dollar in early trading. Oil prices are moving slightly lower with the OPEC nations starting their meeting. The market is again busy this week with an abundance of earnings results and an FOMC meeting announcement on Wednesday. Asian stocks settled slightly higher.
Technicals
The SPY retested the former ascending resistance again during Friday’s session and managed to close back above to end the week. Support will lie at the low of Friday’s range of $246.18 followed by $246.01, gap entry of $246.01, gap fill of $245.72, then $244.67, $244.31, the 20 EMA at $244.27, $243.76, gap entry at $243.30, then gap fill at $242.55. Further support lies at the 50 SMA at $242.53, followed by $240.85, and the near term support pivot at $240.65. Resistance will lie at the high of Friday’s range at $246.91, followed by record highs at $247.42.
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**
NONE
Economic Calendar
0945 ET PMI Composite Flash, Est 53.2
Notable Earnings Before Open
Hasbro, Inc. (HAS) – Est EPS $0.46
ManpowerGroup (MAN) – Est EPS $1.73
Notable Earnings After Close
Alphabet Inc. (GOOGL) – Est EPS $8.17