Wednesday July 11, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in trading this morning. Markets are down with the announcement of the US planning on placing tariffs on an additional $200b of Chinese goods. Markets remain on edge for retaliation from China and for possible global economic slowdown with the trade war. Asian markets ended the day lower with that news.
Technicals
The SPY remained positive in yesterday’s session, trading in a tight range. Support will first lie at yesterday’s low of 278, followed by gap entry of 276.5, then gap fill at $275.84, then the $275.5 pivot, the confluence of the 20EMA and $274 pivot, the 100SMA at $270.57 the $270 pivot, then the $267 pivot and the 200SMA. 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 $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**
IQ
Economic Calendar
8:30 Producer Price Index
10:30 EIA Petroleum Status Report
4:30 Fed Pres. Williams Speaks
Notable Earnings Before Open
Fastenal Company (FAST) – EPS Est. $0.66
Notable Earnings After Close
NONE
