Tuesday April 24, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly higher in early trading this morning. Strong earnings in the US and Europe are helping to give the markets some strength. Energy stocks are boosting the overall markets with a rise in crude oil prices. Investors are becoming more concerned with the possibility of faster inflation with T bond yields nearing 3% and the rise in commodity prices. Asian stocks settled mixed on the day.
Technicals
The SPY struggled with its 20EMA in yesterday’s session failing to hold that support into the afternoon, yet managing to close the day at that level. This morning the SPY is gapping strongly higher from its 20EMA. Support will first lie at the 20EMA at 266.45, followed by the the critical pivot at $264.86, then $263.36, the 200SMA at $260.38, then $256.60, $260, $254.67, and the low of the February sell down at $252.92. Resistance will lie at pivots at the critical pivot at $270 which also coincides with the 100SMA, then $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**
MMM, CAT
Economic Calendar
8:55 Redbook
10:00 New Home Sales
10:00 Consumer Confidence
Notable Earnings Before Open
United Technologies (UTX) – EPS Est. $1.51
Caterpillar (CAT) – EPS Est. $2.11
Verizon (VZ) – EPS Est. $1.11
Harley-Davidson (HOG) – EPS Est. $1.09
Notable Earnings After Close
iRobot (IRBT) – EPS Est. $0.53
Wynn Resorts (WYNN) – EPS Est. $1.96
