Thursday August 9, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are slightly higher and European stocks are slightly lower early morning trading. The trade war is still capping market gains as China announced yesterday their retaliatory tariffs to counteract the newest 16b put in place by the US. China is not the only one being hit by the US. The US also imposed new sanctions on Russia after the nerve agent attack in March and may impose new sanctions on Turkey. Asian markets settled mixed on the day.
Technicals
The SPY again traded in a tight range in yesterday’s session and consolidated near the highs. Support will first lie at the 20EMA of $281.53, followed by the $279.5 pivot, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $272.24. It continues at the pivot and 200SMA at $270, 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 Tuesday’s highs of $286.01 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**
PRGO, YELP, ROKU, WP
Economic Calendar
8:30 Weekly Unemployment Claims, expected 220k
8:30 Producer Price Index
9:30 Fed Pres. Evans Speaks
Notable Earnings Before Open
Perrigo (PRGO) – EPS Est. $1.21
Viacom (VIAB) – EPS Est. $1.07
Canada Goose (GOOS) – EPS Est. $-0.18
Notable Earnings After Close
Universal Display (OLED) – EPS Est. $0.13
Dropbox (DBX) – EPS Est. $0.06
Overstock.com (OSTK) – EPS Est. $-0.82
