Wednesday August 15, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are down in early trading. Turkey has doubled its tariffs on some US goods in a retaliatory response to the US increase. The ongoing trade war between the US/China and now some with Turkey is continuing to weigh on investors confidence in global economic growth. A drop in crude oil prices also is weighing on the markets after an unexpected build was shown in the API data. Asian markets settled the session mostly lower.
Technicals
The SPY continued to consolidate above the 20EMA in yesterday’s session on lighter than average volume. Support will first lie at the 20EMA of $282.18, 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 $272.83. It continues at 200SMA at $270.82, 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 and gap entry of $284.06, then gap fill of $284.92, followed by $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**
BABA, M, CGC
Economic Calendar
8:30 Retail Sales
8:30 Empire State Manufacturing Survey
9:15 Industrial Production
10:30 Weekly EIA Petroleum Status Report
Notable Earnings Before Open
Macy’s (M) – EPS Est. $0.49
Notable Earnings After Close
Cisco (CSCO) – EPS Est. $0.63
NetApp (NTAP) – EPS Est. $0.69
