Thursday August 23, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are flat this morning in trading. New trade tariffs were imposed today by the US and China as dialog is ongoing between the two countries. The annual Jackson Hole Economic Symposium kicks off today and the markets will be looking for news coming from there for clues in future monetary policy. Asian markets settled the session mixed.
Technicals
The SPY consolidated near the highs and continues to trading in a relatively tight range. Support will first lie at the gap entry and the 20EMA at 283.37, followed by the 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, the 100SMA at $274.27, then $274 and the 200SMA at $271.64. 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**
LB, BABA, WSM
Economic Calendar
8:30 Weekly Unemployment Claims, expected 215k
10:00 New Home Sales
Notable Earnings Before Open
Alibaba (BABA) – EPS Est. $0.74
Hormel Foods (HRL) – EPS Est. $0.38
Children’s Place (PLCE) – EPS Est. $0.57
Notable Earnings After Close
Vmware (VMW) – EPS Est. $1.14
Intuit (INTU) – EPS Est. $-0.04
Autodesk (ADSK) – EPS Est. $-0.06