Thursday, September 19, 2019
Economic Calendar & Watch List
US Futures are flat and European markets are higher in early trading. The Fed announced in yesterday’s meeting that they will be cutting rates, as expected, for the second time this year. Fed Chair Powell cited the ongoing trade war with China and a slowdown as a reason for the cut and will remain flexible with future decisions. Asian stocks settled the session mixed.
The SPY tested and rejected the ascending resistance line in yesterday’s session and then pushed above it following the FOMC meeting announcement. Support will first be found at ascending support of $300.80, followed by $296.73, then the 20EMA at $296.71, $294.30, the 100SMA of 291.74, $288.44, then ascending support of $286.66. Resistance will be found at $302.46 and ascending resistance of $305.10
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**
8:30 Weekly Unemployment Claims, exp. 215k
8:30 Philidelphia Fed Bus. Outlook Survey
10:00 Existing Home Sales
Notable Earnings Before Open
Notable Earnings After Close