Tuesday January 22, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are lower in early trading. Economic data coming from China is weighing on global markets. A report released Monday showed that economic growth in China was at the slowest pace in 30 years. Another report from the IMF lowered again for 2019 down to 3.5% due in part to the ongoing trade war. Asian markets settled the session lower.
Technicals
The SPY continued its rally from the recent lows in Friday’s session. Support is first found at $265, $263, and the $260 pivot, followed by the 20EMA at 257.80. Support continues at $254.67, $253, $250, $248, $242, $240, followed by $235, $231.95, and $228.56. Resistance first lies at $268, $270, then the 100SMA at $272.94 and the 200SMA at $273.83.
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**
Economic Calendar
8:55 Redbook
10:00 Existing Home Sales
Notable Earnings Before Open
Johnson & Johnson (JNJ) – EPS Est. $1.95
Notable Earnings After Close
International Business Machines (IBM) – EPS Est. $4.81