Friday February 2, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are down in early trading this morning. Strong US payroll data suggests that the Fed could tighten faster than expected and raise rates. European stocks are down on the same news of higher interest rates after hawkish comments from the ECB drove German bund yield rates to the highest in 2 years. Asian stocks settled the week mostly lower.
Technicals
The SPY continued its consolidation just above its $280 pivot, but is looking to gap lower this morning. Support will first lie at $280, then the 20EMA at 279.15, followed by $276.13, $274.10, $272, the 50SMA at $270.77, and $270.65. Support continues at the top of the recent consolidation at $268.80, followed by ascending support which falls at $267.48, then the low of the recent consolidation at 267, then a short term pivot at $265.82, a recent swing low pivot and the 100SMA at $262.71. 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**
AAPL, NVDA
Economic Calendar
8:30 Employment Situation
1:00 Baker-Hughes Rig Count
3:30 Fed Pres. Williams Speaks
Notable Earnings Before Open
Merck (MRK) – EPS Est. $0.94
Estee Lauder (EL) – EPS Est. $1.44
Notable Earnings After Close
NONE
