Friday July 27, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European stocks are up in early trading. Investors are awaiting GDP data for insight into the strength of the US economy. European stocks are higher on what has been a strong earnings season. Online giant AMZN reported strong Q2 earnings and is helping support market levels. Asian markets ended the session mostly higher.
Technicals
The SPY consolidated in a tight range in yesterday’s session at its recent swing high pivot. Support will first lie at the small gap entry of $280.63, followed by the $280 and $279.5 pivots, then the 20EMA at $278.97, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $271.57. It continues at the pivot at $270, the 200SMA at $269.03, then pivots at $267, $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will first lie at the swing high of $284.37, 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**
INTC, TWTR, FB, XOM, AMZN, GOOGL
Economic Calendar
8:30 GDP, expecting 4.2%
10:00 Consumer Sentiment
Notable Earnings Before Open
Merck (MRK) – EPS Est. $1.03
Twitter (TWTR) – EPS Est. $0.07
AbbVie (ABBV) – EPS Est. $1.98
Exxon Mobil (XOM) – EPS Est. $1.26
Notable Earnings After Close
NONE
