Morning Notes
US Futures are tracking modestly higher this morning while European markets trade higher by nearly +1% after August Eurozone Markit PMI came in higher than expected while also expanding at the fastest pace in 7 months. Asian stocks closed mostly higher.
Technicals
The SPY (NYSE:SPY) further consolidated throughout yesterday’s session which made for somewhat of a choppy market. Support will lie at the low of yesterday’s range at $217.83, followed by $217.74, the upper support pivot at $217.30, $217.02, $216.78, and $215.83. Resistance will lie at the high of yesterday’s range at $218.80, followed by $218.90, and all time highs at $219.50.
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**
Best Buy Co Inc (NYSE:BBY)
Tableau Software (NYSE:DATA)
Zoe's Kitchen Inc (NYSE:ZOES)
Economic Calendar
9:45 Prelim-August Markit U.S. manufacturing PMI expected -0.2 to 52.7
10:00 July new home sales expected -2.0% to 580K
10:00 August Richmond Fed manufacturing index expected -4 to 6
1:00 Treasury auctions $26 billion 2-year T-notes
Notable Earnings Before Open
BBY: Best Buy – EPS Est. $.42, Rev Est. $8.42B
TOL: Toll Brothers Inc (NYSE:TOL): Toll Brothers – EPS Est. $.63, Rev Est. $1.25B
Notable Earnings After Close
NONE