Wednesday, August 14, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are lower in early trading. Markets had a strong move higher in yesterday’s session following comments from Pres. Trump that some tariffs on China would be pushed back into December. Investors seem to be shrugging that off this morning with markets poised to open almost back to yesterday’s lows. Trade woes weigh on sentiment along with contracting GDP data out of Germany and the weakest growth in industrial production in China in 17 years. Asian stocks settled the session higher.
Technicals
The SPY exhibited strength in yesterday’s session pushing through the 100SMA and consolidating up at the 20EMA on higher than average volume. This morning we are looking to open lower with support first be found $288.44, $285.70, $281.72, followed by the 200SMA at $279.18. Resistance will be found at the 100SMA of 290.14, $293.20, the 20EMA at $293.63, $294.45, $297, 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**
GOOS, M, MYGN, TLRY
Economic Calendar
8:30 Import and Export Prices
10:30 Weekly EIA Petroleum Status Report
Notable Earnings Before Open
Macy’s (M) – EPS Est. $0.45
Canada Goose (GOOS) – EPS Est. $-0.17
Notable Earnings After Close
Cisco (CSCO) – EPS Est. $0.75
NetApp (NTAP) – EPS Est. $0.46