Monday February 5, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are pointing sharply lower this morning on carryover from Friday’s decline which was the largest drop in nearly 2 years. Investors are concerned with rise in inflation expectations after a very strong payroll report. Asian stocks began the week mostly lower also following the US market plunge.
Technicals
The SPY sold off in Friday’s session, breaking the $280 support pivot, the 20EMA and continuing lower thoughout the day on increased volume. Support will first lie at Friday’s low of $275.45, followed by $274.10, $272, the 50SMA at $271.11, and $270.65. Support continues at the top of the recent consolidation at $268.80, followed by ascending support which falls at $267.88, then the low of the recent consolidation at $267, a short term pivot at $265.82, a recent swing low pivot and the 100SMA at $262.82. Resistance will lie at the $280 pivot, followed by $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**
BMY, WFC, AAPL
Economic Calendar
10:00 ISM Non-Manufacturing Index
Notable Earnings Before Open
Bristol-Myers Squibb (BMY) – EPS Est. $0.67
Notable Earnings After Close
Skyworks Solutions, Inc. (SWKS) – EPS Est. $1.78
