Thursday July 19, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower this morning. Earnings season continues but is overshadowed by trade war concerns. Again, these concerns are adding pressure to global markets. China announced that it was not afraid of a trade war with the US and other countries are preparing more tariffs for American goods. Asian markets ended the day mostly lower.
Technicals
The SPY traded in a tight range in yesterday’s session, testing and holding the $280 support pivot. Support will first lie at the $280 pivot, followed by gap entry of $276.5, the 20EMA at $276.69, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA. It continues at the pivot at $270, the 200SMA at $268.20, then 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 $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**
IBM, EBAY, PM
Economic Calendar
8:30 Weekly Unemployment Claims, expected 220k
8:30 Philadelphia Fed Business Outlook Survey
9:00 Fed Reserve Vice Chair Quarles Speaks
Notable Earnings Before Open
Philip Morris (PM) – EPS Est. $1.23
Union Pacific (UNP) – EPS Est. $1.94
Notable Earnings After Close
Microsoft (MSFT) – EPS Est. $1.07
Skyworks Solutions (SWKS) – EPS Est. $1.40
Skechers (SKX) – EPS Est. $0.40
