Friday August 24, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are pointing higher this morning in early trade. Investors will be watching closely for insight into monetary news when Fed Chair Powell speaks at the annual Jackson Hole summit this morning. Trade talks between the US and China appear to not have made the progress that many were hoping for. Asian markets settled the week mixed.
Technicals
The SPY continued to consolidate around the new highs in yesterday’s session and ended slightly lower on the day. Support will first lie at the 20EMA at 283.71, followed by gap entry at $283.37, 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, the 100SMA at $274.52, then $274 and the 200SMA at $271.77. 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**
HIBB, CBPO
Economic Calendar
8:30 Durable Goods Orders
10:00 Fed Chair Powell Speaks
Notable Earnings Before Open
FootLocker (FL) – EPS Est. $0.70
Notable Earnings After Close
NONE
