Friday July 13, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are mostly flat in early trading. Banks started reporting earnings today with JPM leading the market higher. However this was overshadowed by China reporting a new record trade surplus with the US of nearly $29b showing the reason for the trade war concerns. Crude stocks are lower on the lowering demand from China. Asian markets ended the day mostly higher.
Technicals
The SPY continued higher in trading yesterday, encountering resistance near it’s $279.5 short term pivot. Support will first lie at gap entry of $276.5, followed by gap fill at $275.84, then the $275.5 pivot, the 20EMA at $274.96, then the $274 pivot, the 100SMA at $270.67. It continues at the $270 pivot, then the 200SMA $267.60, 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**
WFC, JPM, C
Economic Calendar
10:00 Consumer Sentiment
12:30 Fed Pres. Bostic Speaks
Notable Earnings Before Open
Citigroup (C) – EPS Est. $1.57
J P Morgan Chase (JPM) – EPS Est. $2.24
PNC Financial (PNC) – EPS Est. $2.58
Wells Fargo (WFC) – EPS Est. $1.12
Notable Earnings After Close
NONE
