Wednesday April 11, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are modestly higher in early trading. Investors fears of a trade war are starting to reduce after word came from the White House that these are only proposed tariffs and negotiations will take place. Asian stocks closed sharply higher on the day.
Technicals
The SPY gapped higher to start yesterday’s session near its 20EMA trying to break from the recent consolidation and closed the day right at the 20EMA. Support will first lie yesterday’s low of $262.98, followed by the pivot at $260, then the 200SMA at $259.25, $256.60, $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 20EMA and pivot at $265.15, then the 100SMA at $269.25, followed by $266.70, then the critical pivot at $270, and 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
8:30 Consumer Price Index
10:30 EIA Petroleum Status Report
2:00 FOMC Minutes
Notable Earnings Before Open
Fastenal (FAST) – EPS Est. $0.61
Notable Earnings After Close
Bed Bath & Beyond (BBBY) – EPS Est. $1.41
