Tuesday July 31, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are moving slightly higher in early trading. Global markets are higher after the BOJ had dovish remarks on inflation and interest rates. European gains were limited with Q2 GDP expanding at a slower than expected pace. Another tech giant, AAPL, reports earnings after the bell tonight and will likely set the tone for the tech sector for some time. Asian markets settled the session mostly higher.
Technicals
The SPY continued to exhibit weakness in yesterday’s session testing and holding the 20EMA and closing the day near the $280 pivot. Support will first lie at the $280 and $279.5 pivots, then the 20EMA at $279.27, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $271.73. It continues at the pivot at $270, the 200SMA at $269.29, 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**
SHOP, LL
Economic Calendar
8:30 Personal Income and Outlays
9:45 Chicago PMI
10:00 Consumer Confidence
Notable Earnings Before Open
Pfizer (PFE) – EPS Est. $0.75
Shopify (SHOP) – EPS Est. $-0.28
Lumber Liquidators (LL) – EPS Est. $0.23
Procter & Gamble (PG) – EPS Est. $0.90
Notable Earnings After Close
Apple (AAPL) – EPS Est. $2.17
Baidu (BIDU) – EPS Est. $2.14
