Thursday August 2, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. China has formally issued a response to the proposed tariff increase and has said in part that they are ready to “retaliate to defend national pride and the people’s interests.” European stocks are dropping with weakness in the automaker sector after poor sale data from the US. Asian markets settled lower on the day.
Technicals
The SPY continued to consolidated near the $280 support through yesterday’s session, pulling back into the afternoon hours. This morning the SPY is looking to gap slightly lower on the open. Support will first lie at the $280 and $279.5 pivots, then the 20EMA at $279.60, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $271.82. It continues at the pivot at $270, the 200SMA at $269.55, 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**
TEVA, EXAS, MGM, TSLA
Economic Calendar
8:30 Weekly Unemployment, expected 218k
10:00 Factory Orders
Notable Earnings Before Open
Yum! Brands (YUM) – EPS Est. $0.74
Cigna (CI) – EPS Est. $3.33
Wayfair (W) – EPS Est. $-1.09
Notable Earnings After Close
Activision Blizzard (ATVI) – EPS Est. $0.30
American International Group (AIG) – EPS Est. $1.19
Take-Two Interactive Software (TTWO) – EPS Est. $-0.05
