Wednesday August 16, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are edging higher this morning while European stocks are trading higher by nearly +1% after Eurozone GDP rose at the expected pace along with the UK posting a large decline in jobless claims, triggering global optimism which is giving markets a boost early. Asian stocks closed mostly mixed.
Technicals
The SPY tested the 20EMA which held as lows throughout yesterday’s session, consolidating just below Monday’s range close. Support will lie at the low of yesterday’s range at $246.16, followed by the 20EMA at $246.07, gap entry at $245.55, followed by gap fill at $244.80, then the 50SMA at $244.68. Support continues at $243.75, followed by $243.70, gap entry at $243.30 and gap fill at $242.55, and finally the the 100SMA at $241.21. Resistance will lie at the high of yesterday’s range at $247, followed by $247.31, the ascending resistance at $247.80 and the record highs at $248.91.
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**
Economic Calendar
1030 EIA Weekly Petroleum Status Report
1400 FOMC Meeting Minutes
Notable Earnings Before Open
Target (TGT) – EPS Est. $1.21
Notable Earnings After Close
Cisco (CSCO) – EPS Est. $0.55
L Brands (LB) – EPS Est. $0.45
