Wednesday January 31, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are pointing slightly higher while European stocks are flat this morning. Investors will be awaiting the results of the FOMC meeting today at 2PM EST for insight into the strength of the US economy. Energy stocks exhibited weakness as API data showed US inventories rose, limiting overall market gains. German unemployment numbers helped European stocks as it dropped to 5.4%, a record low. Asian stocks settled the day mixed.
Technicals
The SPY exhibited weakness through yesterday’s session, gapping down and closing lower on accelerated volume. Support will first lie at $280, then the 20EMA at 278.32, followed by $276.13, $274.10, $272, $270.65, and the 50 SMA at $269.83. Support continues at the top of the recent consolidation at $268.80, followed by ascending support which falls at $267.23, then the low of the recent consolidation at 267, then a short term pivot at $265.82, a recent swing low pivot at $262.71, and the 100SMA at $261.86. Resistance will lie at $284.10 then all time highs at $286.63.
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**
AVGO, BA, EA
Economic Calendar
9:45 Chicago PMI
10:30 EIA Petroleum Status Report
2:00 FOMC Meeting Announcement
Notable Earnings Before Open
Boeing (BA) – EPS Est. $2.91
Anthem (ANTM) – EPS Est. $1.25
Notable Earnings After Close
Microsoft (MSFT) – EPS Est. $0.86
Facebook, Inc. (FB) – EPS Est. $1.94
QUALCOMM (QCOM) – EPS Est. $0.77
