Thursday, August 1, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are slightly in early trading. Markets were lower in yesterday’s session following comments from the Fed on future rate cuts not being guaranteed. Asian markets settled the session mostly lower.
Technicals
The SPY traded lower on above-average volume in yesterday’s session following the FOMC release. The SPY broke the ascending support line on the initial news release and then continued lower through the 20EMA to find support at the $297 pivot area. Support will first be found at $297, followed by gap entry at $294.33, then gap fill at $293.55, the 100SMA at $289.34, $281.20 pivot, and the 200SMA at $278.50. Resistance will be found at the 20EMA of $298.43, then $299.6, $301 and $302.23
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**
W, WLL, QCOM, GM
Economic Calendar
8:30 Weekly Unemployment Claims, exp. 214k
10:00 ISM Manufacturing Index
10:00 Construction Spending
Notable Earnings Before Open
Verizon Communications (VZ) – EPS Est. $1.20
Cigna (CI) – EPS Est. $3.72
General Motors (GM) – EPS Est. $1.43
Shopify (SHOP) – EPS Est. $-0.31
Notable Earnings After Close
Square (SQ) – EPS Est. $0.01
Universal Display (OLED) – EPS Est. $0.46
Etsy (ETSY) – EPS Est. $0.14
United States Steel (X) – EPS Est. $0.40