Thursday, January 30, 2020
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are lower in early trading. Caution still abounds in the market as the coronavirus spreads and the death toll climbs. Many large names continue to report earnings this week. The FOMC reported yesterday that interest rates would remain unchanged as expected. Asian stocks settled the session lower.
Technicals
The SPY tested and held the 20EMA in yesterday’s session and reversed direction into the afternoon following the FOMC release, yet still closed above the 20EMA. We are looking to open below the 20EMA support this morning. Support will first be found at $319.50, $315.48, then gap fill at $312.5, 100SMA at $310.03. Resistance will be found first at the 20EMA at $326.42, $327 and all-time highs of $332.95.
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**
CCL, FB, TSLA
Economic Calendar
8:30 GDP, exp. 2.1%
8:30 Weekly Unemployment Claims, exp. 215k
Notable Earnings Before Open
United Parcel Service (UPS) – EPS Est. $2.10
Verizon Communication (VZ) – EPS Est. $1.15
Altria (MO) – EPS Est. $1.01
Notable Earnings After Close
Amazon (AMZN) – EPS Est. $3.98
Visa (V) – EPS Est. $1.46
Electronic Arts (EA) – EPS Est. $2.50
Western Digital (WDC) – EPS Est. $0.48
