Tuesday July 24, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are higher in early trading. Technology giant GOOGL is leading markets higher after posting better than expected earnings. Also, an unexpected rise in Eurozone July Markit manufacturing PMI is helping push European stocks higher. Asian markets settled the day mostly higher.
Technicals
The SPY continued it’s consolidation pattern around the $279.5 and $280 pivot levels in yesterday’s session. Support will first lie at the $280 and $279.5 pivots, followed by the 20EMA at $277.54, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $271.17. It continues at the pivot at $270, the 200SMA at $268.60, 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 recent highs of $281.18, then $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**
LLY, MMM, WHR
Economic Calendar
8:55 Redbook
9:45 PMI Composite Flash
Notable Earnings Before Open
3M (MMM) – EPS Est. $2.59
United Technologies (UTX) – EPS Est. $1.89
Harley-Davidson (HOG) – EPS Est. $1.41
Eli Lilly and Company (LLY) – EPS Est. $1.31
Notable Earnings After Close
Texas Instruments (TXN) – EPS Est. $1.34
iRobot (IRBT) – EPS Est. $0.17
