Wednesday January 16, 2019
Economic Calendar & Watch List
Morning Notes
US Futures are higher and European shares are lower in early trading. Brexit is in the headlines after UK PM May’s plan was defeated in a vote by parliament which leaves things up in the air while approaching the March 29 deadline. Investors are also concerned with the progress of US/China trade relations following comments from Trade Rep. Lighthizer. Losses have been capped following strong earnings coming from banks. Asian markets settled the session mixed.
Technicals
The SPY tested and held the important $260 level during yesterday’s session. Support is first found at the $260 pivot, followed by the 20EMA at 255.76, then $254.67, $253, $250, $248, $242, $240, followed by $235, $231.95, and $228.56. Resistance first lies at $263, $265, $268, $270, then the confluence of the 200SMA and 100SMA at $273.84.
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**
GS, BAC, JWN
Economic Calendar
8:30 Retail Sales
10:00 Business Inventories
1:00 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
Bank of America (BAC) – EPS Est. $0.63
Goldman Sachs (GS) – EPS Est. $5.37
PNC Financial (PNC) – EPS Est. $2.77
U.S. Bancorp (USB) – EPS Est. $1.06
Notable Earnings After Close
CSX (CSX) – EPS Est. $1.00
Alcoa (AA) – EPS Est. $0.32
