Morning Notes
US Futures are moderately lower this morning while European stocks also trade lower on continued tensions between the US and North Korea. Asian stocks closed predominantly lower.
Technicals
The SPY (NYSE:SPY) opened back below the ascending resistance to start Wednesday’s session and remained choppy for the majority of the day before rallying to close just below this significant resistance point.
Support will lie at the low of yesterday’s range at $246.06, followed by the short term pivot point at $245.70, then $244.67, the 50 SMA at $244.52, and $244.31. Further support lies at $243.76, then gap entry at $243.30 and gap fill at $242.55. Resistance will lie at the high of yesterday’s range at 247.31 followed by the record high of Tuesday’s range at $248.91.
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**
Macy’s (NYSE:M)
Economic Calendar
0830 Weekly Unemployment Claims
0830 July Producers Price Index
1000 Fed Pres. Dudley Speaks
1030 EIA Natural Gas Report
1400 Treasury Budget
Notable Earnings Before Open
Macy’s (M) – EPS Est. $0.44
Kohl’s (KSS) – EPS Est. $1.17
Notable Earnings After Close
NVIDIA (NASDAQ:NVDA) – EPS Est. $0.69
Snap (SNAP) – EPS Est. $-0.29
Nordstrom (NYSE:JWN) – EPS Est. $0.61