Friday June 15, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European are down this morning on tariff news. Markets are reacting due to President Trump signed off on $50b in tariffs on Chinese goods and is reported to have another $100b ready to be signed if China retaliates against the initial tariffs. Asian markets settled mostly mixed to end the week.
Technicals
The SPY continued to consolidate just below the $280 pivot in yesterday’s session and traded in a constricted range. It is gapping lower this morning on tariff news. Support will first lie at the $275.5 pivot, followed by the $274 swing high pivot area, then the 20EMA at $274.97, the 100SMA at 270.63, then pivots at $270, $267 and a confluence at $265 with the 200SMA. It continues at the pivots of $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $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**
GOOS, CAT, ADBE
Economic Calendar
9:15 Industrial Production
10:00 Consumer Sentiment
1:30 Fed Pres. Kaplan Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE