Thursday July 12, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly higher in early trading. Markets have been on edge lately with trade news. Markets are getting some relief after the China’s Vice Minister of Commerce announced yesterday that the US and China should sit down and find a solution to the trade issues.European shares were limited as the Eurozone GDP forecast was cut to 2.1% from 2.3% Asian markets ended the day mostly higher.
Technicals
The SPY was under pressure in yesterday’s session with trade news, but found support at the $276.5 gap entry. Support will first lie at yesterday’s low and gap entry of $276.5, then gap fill at $275.84, then the $275.5 pivot, the 20EMA at $274.5, then the $274 pivot, the 100SMA at $270.61. It continues at the $270 pivot, then the 200SMA $267.44, pivots at $267, $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $279.5, $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**
LB, AVGO
Economic Calendar
8:30 Weekly Unemployment Claims, expected 220k
8:30 Consumers Price Index
12:15 Fed Pres. Harker Speaks
8:00 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE