Wednesday March 28, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European shares are marginally lower in early trading. Weakness in the technology sector is weighing on global markets. In addition, a drop in crude prices is pulling down energy stocks after data showed a rise in stockpiles increasing concern over a global supply glut. Asian stocks followed the US markets and closed lower on the session.
Technicals
The SPY displayed weakness again in yesterday’s session, encountering resistance at the ascending resistance line and dropping down to find support near the 200SMA. Support will first lie the 200SMA at $258.43,followed by the low of Friday’s range at $257.83, and the low of the February sell down at $252.92. Resistance will lie at the 100SMA at $268.94, then the 20EMA at $269.37, followed by the critical pivot at $270, then pivots at $273, $275.5, $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**
LULU, FB, TSLA
Economic Calendar
8:30 GDP, expected 2.7%
8:30 International Trade In Goods
10:30 EIA Petroleum Status Report
11:30 Fed Pres. Bostic Speaks
Notable Earnings Before Open
Walgreens Boots Alliance (WBA) – EPS Est. $1.55
Unifirst Corporation (UNF) – EPS Est. $1.07
Notable Earnings After Close
Gamestop (GME) – EPS Est. $1.296
PVH Corp. (PVH) – EPS Est. $1.48