Monday August 20, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are modestly higher in early trading to start the week. Investors are cautiously optimistic that a trade deal will start to be worked out between the US and China when the meeting occurs in the end of August. Strength in metals is pushing mining stocks higher and providing some lift to overall markets. Asian markets settled the session mixed.
Technicals
The SPY continued to hold higher prices in Friday’s session and on a macro scale it is consolidating between the $279.5 support level and the all time highs. Support will first lie at the gap entry of 283.37, followed by the 20EMA of $282.82, then gap fill at $282.54, 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 $273.50. It continues at 200SMA at $271.22, then the pivots of $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 the strong $285 pivot, 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**
TSLA
Economic Calendar
NONE
Notable Earnings Before Open
Estee Lauder (EL) – EPS Est. $0.56
Notable Earnings After Close
NONE
