Thursday August 16, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are down in early trading. Markets are higher on the news of a possible easing of tensions between the US and China in regard to trade. A delegation from China will arrive in the US later in the month to discuss the trade dispute. Strength in Turkey is also helping fuel the move to the upside. Asian markets settled the session lower.
Technicals
The SPY broke down from its recent consolidation in yesterday’s session, fading below the 20EMA on volume. This morning we are gapping above the 20EMA on the US/China trade news. Support will first lie at the 20EMA of $282.14, 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 $273.06. It continues at 200SMA at $270.94, 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**
WMT, CSCO, NTAP, JD
Economic Calendar
8:30 Weekly Unemployment Claims, expected 215k
8:30 Housing Starts
Notable Earnings Before Open
Walmart (WMT) – EPS Est. $1.21
JD.com (JD) – EPS Est. $-0.02
Notable Earnings After Close
NVIDIA (NVDA) – EPS Est. $1.64
Nordstrom (JWN) – EPS Est. $0.84