Monday July 16, 2018
Economic Calendar & Watch List
US Futures and European stocks are mostly flat in early trading. Banks continue to report earnings to kick off the new earnings season. Crude prices are weighing on the overall market as Saudi Arabia may be increasing output levels. Asian markets ended the day mixed.
The SPY consolidated between the $279.5 and $280 pivot levels in Friday’s session. 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 $275.40, then the $274 pivot, the 100SMA at $270.75. It continues at the $270 pivot, then the 200SMA $267.75, 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 $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**
8:30 Retail Sales
Notable Earnings Before Open
Bank of America (BAC) – EPS Est. $0.63
Notable Earnings After Close
Netflix (NFLX) – EPS Est. $0.80