Wednesday August 22, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European stocks are slightly higher in early trading this morning. Meetings between the US and China start today and investors are hopeful that trade tensions can be eased between the two superpowers. Paul Manafort and Michael Cohen, Pres. Trump’s former campaign chair and former lawyer, have both been found/pled guilty to finance crimes and that is putting investors on edge for what may come. A gain in the energy sector is trying to provide some strength in the market after the API data was released late yesterday. Asian markets settled the session mixed.
Technicals
The SPY posted new highs in yesterday’s session, but couldn’t hold those highs and closed the day at the previous all time high near $286.5. Support will first lie at the gap entry of 283.37, followed by the 20EMA of $283.21, then gap fill at $282.54, the $279.5 pivot, gap entry of $276.5, then gap fill at $275.84. It continues at the $275.5 pivot, then $274, the 100SMA at $273.99 and the 200SMA at $271.50. Resistance is at the new all time highs of $287.31.
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**
TGT, LOW, EXAS
Economic Calendar
10:00 Existing Home Sales
10:30 Weekly EIA Petroleum Status Report
2:00 FOMC meeting minutes
Notable Earnings Before Open
Lowe’s (LOW) – EPS Est. $2.02
Target (TGT) – EPS Est. $1.39
Momo (MOMO) – EPS Est. $0.59
Notable Earnings After Close
L Brands (LB) – EPS Est. $0.34
Williams-Sonoma (WSM) – EPS Est. $0.69
