Tuesday April 3, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are slightly higher in early trading after yesterday’s sharp sell off. European markets are modestly lower as they resume trading after the holiday break. Weakness is being lead by the tech sector which caused the markets to tumble throughout yesterday’s session putting the SPY back below its 200SMA. Asian stocks closed slightly lower to end the session.
Technicals
The SPY broke its recent consolidation on accelerated selling volume down through the 200SMA and nearly touched February lows. Support will first lie the 200SMA at $258.67,followed by yesterday’s low of $254.67, then the swing low at $257.83, and the low of the February sell down at $252.92. Resistance will first lie at the $265 pivot, followed by the 20EMA at $266.96, then the 100SMA at $269.00, followed by the critical pivot at $270, then pivots at $273, $275.5, $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**
Economic Calendar
8:55 ISM Manufacturing Index
9:30 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
