Wednesday, May 13, 2020
Economic Calendar & Watch List
US Futures and European markets are higher in early trading following a sharp selloff to end yesterday’s session. Markets remain uneasy following comments from Dr. Fauci that we may be reopening the country too soon. Investors will be watching Fed Chair Powells speech at 9 am for insight into Fed moves. Asian stocks settled the session mixed.
The SPY opened slightly higher to start yesterday’s session and consolidated into the afternoon where we saw a sharp selloff into the close. Support will first be found at $289.25, $283.70, followed by the 20EMA at $283.69, $281.5, $279.13, $275.52, $271.3. Resistance will be found at $289.20, then ascending resistance at $294.88, the 100SMA at $298.84, and the 200SMA at $299.66.
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 Producer Price Index
9:00 Fed Chair Powell Speaks
10:30 Weekly EIA Petroleum Status Report
Notable Earnings Before Open
CyberArk (CYBR) – EPS Est. $0.36
Notable Earnings After Close
Cisco (CSCO) – EPS Est. $0.71