Monday, February 3, 2020
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are slightly higher in early trading. Markets have eased after Friday’s loss following the US declaring the coronavirus a public health emergency. Alphabet is set to report tonight after the bell capping off earnings for the tech sector. Asian stocks settled the session lower. The Shanghai Composite dropped over 7%, the largest 1-day drop in 4 years.
Technicals
The SPY was weak in Friday’s session, falling through the 20EMA and closing the session just above the 50SMA. Support will first be found at the 50SMA of $320.70, then $319.50, $315.48, then gap fill at $312.5, 100SMA at $310.56. Resistance will be found first at the 20EMA at $326.08, $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**
Economic Calendar
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
4:30 Fed Pres. Bostic Speaks
Notable Earnings Before Open
SYSCO (SYY) – EPS Est. $0.89
Notable Earnings After Close
Alphabet (GOOGL) – EPS Est. $12.76
NXP Semiconductors (NXPI) – EPS Est. $2.02
