Thursday July 5, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are higher in early trading. European automakers are leading markets higher as trade deals are starting to Investors will be watching to see what happens as tariffs are slated to start Friday for Chinese goods. Asian markets settled the day mostly lower.
Technicals
The SPY gapped higher near the 20EMA to start Tuesday’s session only to sell off and find support just above the $270 and 100SMA confluence support. Support will first lie at the 100SMA and the $270 pivot, followed by the $267 pivot, the 200SMA at $266.78. It continues at the pivots at $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at the 20EMA at $273.11, followed by the $274 swing high pivot area, the $275.5 pivot, followed by the gap of $277.5, then $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**
TSLA, MU
Economic Calendar
8:30 Weekly Unemployment Claims, expected 223k
11:00 EIA Petroleum Status Report
2:00 FOMC Minutes
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE