Monday, February 24, 2020
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are lower in early trading. Markets continue to be under pressure from the potential economic impact that will be coming from the coronavirus outbreak and a sharp increase in cases outside of China. The IMF has stated that global economic growth could be reduced by 0.1% from this outbreak. Asian stocks settled the session lower.
Technicals
The SPY consolidated around the 20EMA in Friday’s session and remained above that level into the close. Support will first be found at the 20EMA at $332.96, gap entry at $330.67, gap fill at $330.01, $327, then $319.50, then the 100SMA at $315.50. Resistance will be found at $334.75, 337.5s and all-time highs of $339.08.
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**
UVXY, TQQQ, SPY
Economic Calendar
3:00 Fed Pres. Mester Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
Palo Alto Networks (PANW) – EPS Est. $1.12
Intuit (INTU) – EPS Est. $1.02
Hertz (HTZ) – EPS Est. $-0.25
