Friday, February 28, 2020
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are lower in early trading. The market selloff continued in yesterday’s session amid the coronavirus spread and economic impact and has become the worst week for stocks since the 2008 crisis. We have now entered correction territory after descending more than 10% from the recent peak and it looks to continue today. Asian stocks settled the session lower.
Technicals
The SPY continued to unwind in yesterday’s session falling though the 200SMA on heavy volume. Support will first be found at $293.80, $284.87 and $282.309.65, then the 200SMA at $304.11. Resistance will be found at the $296.90, the 200SMA at 304.31, $309.65, $315.48 and the 100SMA at $316.25.
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**
BIG, W, BUD
Economic Calendar
8:30 International Trade In Goods
8:30 Personal Income and Outlays
9:15 Fed Pres. Bullard Speaks
9:45 Chicago PMI
10:00 Consumer Sentiment
Notable Earnings Before Open
Foot Locker (FL) – EPS Est. $1.57
Wayfair (W) – EPS Est. $-2.54
Notable Earnings After Close
NONE
