Friday August 10, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower early morning trading. European shares are slipping on weakness coming from Turkey. The Turkish lira sank to all time lows against the US Dollar after the sanctions were imposed starting Aug. 1. Russian markets are still feeling pressure after the announcement of potential sanctions from the US. Asian markets settled the session mostly lower.
Technicals
The SPY continued its consolidation pattern near all time highs trading on lighter than average volume and is looking to gap lower to start today. Support will first lie at the recent pivot low of $284.95, then the 20EMA of $281.86, 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 $272.38. It continues at 200SMA at $270.40, then pivots at $270, $267, $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will first lie at pivot 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**
TTD, DBX, OSTK, MCHP
Economic Calendar
8:30 Consumer Price Index
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
