Wednesday March 7, 2018
Economic Calendar & Watch List
Morning Notes
US Futures along with European stocks are down sharply in early trading. Markets are sliding on concern with the US trade policy. Yesterday a key economic advisor to Pres. Trump and proponent of free trade, resigned his position. This has fueled concern that Pres. Trump will go ahead with his planned tariffs on steel and aluminum and possible extra tariffs on a broad range of chinese imports. Asian stocks settled mostly lower.
Technicals
The SPY paused its rally and consolidated throughout yesterday’s session in a constricted range. Support will first lie at $270, followed by $267.61, the 100SMA at $266.68, Friday’s low at $264.82, then pivots at $264.30, $263.31, $261.66, ascending support at $259.45, and the 200SMA at $256.26. Resistance will lie at the $275.45 pivot, followed by $278.92, $280, $284.10, and all time highs at $286.63.
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**
DLTR, ADSK, ROST, MOMO
Economic Calendar
7:30 Fed Pres. Dudley Speaks
8:00 Fed Pres. Bostic Speaks
8:20 Fed Pres. Dudley Speaks
8:30 International Trade, expected $-55.1b
10:30 EIA Petroleum Status Report
Notable Earnings Before Open
Dollar Tree (DLTR) – EPS Est. $1.90
Momo (MOMO) – EPS Est. $0.42
Notable Earnings After Close
Costco (COST) – EPS Est. $1.45
