Wednesday September 26, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly higher in early trading. Investors are awaiting the FOMC meeting announcement where it is expected that we will see a rise in the fed target rate. Crude oil is holding markets down as late API data showed a build in inventories. Asian markets settled the day mostly higher.
Technicals
The SPY continued to consolidate on lighter than average volume in yesterday’s session. Support will continue to lie first at the 20EMA of $289.77, followed by the pivot low of $286.17, the old $285 pivot zone, then gap entry at $283.37, gap fill at $282.54. It continues with the 100SMA at $279.70, the $279.5 pivot, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot and the 200SMA at $274.89. Resistance is at yesterday’s high and continued gap entry of $291.65, then gap fill at $291.81, followed by all time highs of $293.94.
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**
SQ, JPM
Economic Calendar
10:00 New Home Sales
10:30 Weekly EIA Petroleum Status Report
2:00 FOMC Meeting Announcement
2:30 Fed Chair Press Conference
Notable Earnings Before Open
Carmax (KMX) – EPS Est. $1.22
Notable Earnings After Close
Bed Bath & Beyond (BBBY) – EPS Est. $0.51