Wednesday, July 31, 2019
Economic Calendar & Watch List
Morning Notes
US Futures are higher and European markets are lower in early trading. Markets are getting a boost from higher than expected earnings out of the tech giant AAPL. Investors will be watching for results from the FOMC meeting today at 2pm and the press conference at 2:30. Markets are expecting a rate cut from this meeting. Asian markets settled the session mostly lower.
Technicals
The SPY gapped lower in yesterday’s session and then recovered and consolidated near the ascending support and $301 resistance area. Support will first be found at ascending resistance of $300.50 followed by $299.6, the 20EMA at 298.53, followed by gap entry at $294.33, then gap fill at $293.55, the 100SMA at $289.11, $281.20 pivot, and the 200SMA at $278.38. Resistance will be found at $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**
AAPL, ENPH, GE, FEYE
Economic Calendar
8:15 ADP Employment Report
9:45 Chicago PMI
2:00 FOMC Meeting Announcement
2:30 Fed Chair Press Conference
Notable Earnings Before Open
General Electric (GE) – EPS Est. $0.12
Automatic Data Processing (ADP) – EPS Est. $1.13
Humana (HUM) – EPS Est. $5.24
Notable Earnings After Close
QUALCOMM (QCOM) – EPS Est. $0.62
Twilio (TWLO) – EPS Est. $-0.31
Western Digital (WDC) – EPS Est. $-0.05
