Wednesday April 18, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are higher this morning in early trading. A strong start to earnings season is helping propel markets higher. Also, geopolitical tensions between the US and North Korea seem to be lessening as Mike Pompeo met with Kim Jong Un last week and was able to start a dialog. Asian stocks settled mostly higher for the day.
Technicals
The SPY traded around its $267 pivot in yesterday’s session and closed the day positive. Support will first lie at the $269.79 pivot and 100SMA, followed by the 20EMA at 266.20, then the critical pivot at $264.86, $263, $260, the 200SMA at $260, then $256.60, $254.67, a swing low at $257.83, and the low of the February sell down at $252.92. Resistance will lie at 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**
IBM, LRCX
Economic Calendar
8:30 Fed Pres. Dudley Speaks
10:30 EIA Petroleum Status Report
3:15 Fed Pres. Dudley Speaks
4:15 Fed Pres. Quarles Speaks
Notable Earnings Before Open
Morgan Stanley (MS) – EPS Est. $1.28
Notable Earnings After Close
American Express (AXP) – EPS Est. $1.73
United Rentals (URI) – EPS Est. $2.43
Alcoa Corporation (AA) – EPS Est. $0.60