Friday July 20, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Markets are experiencing more trade war pressure today as Pres. Trump stated that he has another $500b ready in new tariffs on Chinese goods. This combined with the word from German Chancellor Merkel that the EU is ready to retaliate against any U.S. auto tariffs, has continued to fuel the trade war concern. Asian markets ended the day mostly higher.
Technicals
The SPY continued to consolidate at its $280 pivot in yesterday’s session. Support will first lie at the $280 and $279.5 pivots, followed by gap entry of $276.5, the 20EMA at $277, 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 $268.33, 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**
MSFT, SKX
Economic Calendar
8:20 Fed Pres. Bostic Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
