Thursday March 21, 2019
Economic Calendar & Watch List
US Futures and European shares are mostly lower in early trading. Markets rallied into the afternoon following the FOMC the dovish announcement with no likely rate increase until early 2020. However Pres. Trump also announced earlier in the day that tariff on Chinese goods would remain for “a substantial period of time”. This gave pause to investors with questions in the progress of trade negotiations between the two countries. Asian markets settled the session mixed.
The SPY consolidated around the 281.2 pivot in yesterday’s session and surged on the FOMC release. Support will first found at the $281.2 pivot, followed by the 20EMA at $278.79, the $275.5 pivot and the 200SMA at $275.19, then pivot low of $272.42, $270, and the 100SMA at $268.03. Resistance first lies at $286.6 and $288.8
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**
GES, BIIB, FB, AAPL
8:30 Weekly Unemployment Claims, exp. 225k
8:30 Philadelphia Fed Business Outlook Survey
Notable Earnings Before Open
Darden Restaurants (DRI) – EPS Est. $1.75
Conagra (CAG) – EPS Est. $0.48
Notable Earnings After Close
Nike (NKE) – EPS Est. $0.63