Tuesday May 22, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are higher this morning with more positive trade news coming out from China. Yesterday Chinese officials announced a reduction on automobile import tariffs from 25% to 15%. This after both the US and China announced over the weekend that they would suspend the implementation of proposed new tariffs on imports from each country. European markets are higher after political progress being made in forming a new government in Italy. Asian markets settled mixed on the session.
Technicals
The SPY continued its daily consolidation between the $273 pivot and the 100SMA. Support will first lie at the confluence of the 100SMA at 270.57 and the $270 pivot, followed by the 20EMA at $269.48 and the $267 pivot, then $265, the 200SMA at $262.57, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie 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 Redbook
Notable Earnings Before Open
AutoZone (AZO) – EPS Est. $12.99
TJX Companies (TJX) – EPS Est. $1.02
Advance Auto Parts (AAP) – EPS Est. $1.98
Notable Earnings After Close
Intuit (INTU) – EPS Est. $4.68