Thursday March 1, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are both lower in early trading. Comments from Fed Chair Powell sparked turbulence yesterday afternoon as speculation arose that the Fed may quicken the pace of monetary tightening. Asian stocks closed mostly lower on the session.
Technicals
The SPY remained under pressure throughout yesterday’s session testing the critical pivot of $275.45 and failed to hold that level closing the day back below its 50SMA and 20EMA. Support will first lie at yesterday’s lows of $271.29, followed by a major support pivot at $270. Support continues at the 100SMA at $266.04, then $264.30, $263.31, $261.66, ascending support at $258.65, and the 200SMA at $255.62. Resistance will lie at the major pivot of $275.45, followed by $278.92, then pivots at $280, $284.10, and 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**
CRM, OSTK
Economic Calendar
8:30 Weekly Unemployment Claims, expected 230k
10:00 ISM Manufacturing Index, expected 58.6
10:00 Fed Chair Powell Speaks
11:00 Fed Pres. Dudley Speaks
Notable Earnings Before Open
Best Buy (BBY) – EPS Est. $2.05
Kohl’s (KSS) – EPS Est. $1.77
Anheuser-Busch (BUD) – EPS Est. $0.98
Notable Earnings After Close
Vmware (VMW) – EPS Est. $1.26
Nordstrom (JWN) – EPS Est. $1.24
Gap (GPS) – EPS Est. $0.59