Monday June 18, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European are down this morning on more tariff news. Investors fears have been confirmed as the trade war ramps up. China has retaliated with the announcement of tariffs on $34b of US goods after Pres. Trump went through with the $50b tariffs on Chinese goods. Energy stocks are also weighing on the market as crude prices have dropped with news of a possible early boost in production levels. Asian markets settled mostly lower to start the week.
Technicals
The SPY gapped lower to start Friday’s session and tested the 275.5 support, which held on increased volume. Support will first lie at the $275.5 pivot and the 20EMA at $275.18, followed by the $274 swing high pivot area, then the 100SMA at 270.57, 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**
Economic Calendar
1:00 Fed Pres. Bostic Speaks
4:00 Fed Pres. Williams Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
