Tuesday August 22, 2017
Economic Calendar & Watch List
US Futures are trending higher this morning along with European stocks in early morning trading. Advances in the mining sector pushed European shares higher. Investors are still waiting on the central bank symposium running Thursday to Friday in which Fed chair Yellen and ECB President Draghi are both slated to speak. Asian stocks closed mostly higher for the day.
The SPY found support at its 100SMA and continued to consolidate just slightly above throughout yesterday’s session. Support will lie at the low of yesterday’s range at $241.83, followed by the 100SMA at $241.58, then $240.85, and the recent support pivot at $240.65. Resistance will lie at the high of yesterday’s range at $243.20, followed by $244.19, then the 50SMA at $244.71, the 20EMA at $245.33, then $246.60, ascending resistance at $248.05 and 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**
1000 Richmond Fed Manufacturing Index, est. 11
Notable Earnings Before Open
Momo (MOMO) – EPS Est. $0.28
Notable Earnings After Close
Salesforce.com (CRM) – EPS Est. $0.32
Intuit (INTU) – EPS Est. $-0.06
La-Z-Boy (LZB) – EPS Est. $0.29