Tuesday June 19, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European are lower this morning continued global trade war fears. Pres. Trump announced that he may levy an additional $200b in in Chinese imports to levy tariffs on and will have more on standby if needed. China, with that news, announced that if the US carries out the proposed tariffs, it will respond forcefully. Crude prices continue to drop on the potential increased production news and is weighing on the global markets along with the trade tensions between the US and China. Asian markets settled lower for the day.
Technicals
The SPY found support at its $275.5 pivot and the 20EMA in yesterday’s session. This morning the SPY is gapping lower on the potential tariff news, gapping below the $275.5 and 20EMA. Support will first lie at the confluence of the $275.5 pivot and the 20EMA at $275.31, followed by the $274 swing high pivot area, then the 100SMA at 270.51, 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**
AAPL, CAT, NFLX
Economic Calendar
8:30 Housing Starts
8:55 Redbook
Notable Earnings Before Open
NONE
Notable Earnings After Close
FedEx (FDX) – EPS Est. $5.71
La-Z-Boy (LZB) – EPS Est. $0.64
Oracle (ORCL) – EPS Est. $0.87