Wednesday August 29, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are flat in trading this morning. Investors are optimistic that a trade deal will be worked out between Canada and the US following the trade agreement that was made with Mexico regarding NAFTA. European stocks are feeling some pressure as German Consumer Confidence unexpectedly fell to a 15 month low. Asian markets settled the day mixed.
Technicals
The SPY posted new all time highs in yesterday’s session, but couldn’t hold those highs and closed the day filling the gap and consolidating near Monday’s highs of 289.9. Support will first lie at gap entry of $288.68, then gap fill at $287.67, followed by the old $285 pivot and the 20EMA at 285.12, then gap entry at $283.37, gap fill at $282.54. It continues at the $279.5 pivot, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the 100SMA at $275.31, then $274 and the 200SMA at $272.23. Resistance is at the new all time highs of $290.42.
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**
AEO, DKS, BOX
Economic Calendar
8:30 GDP
10:30 Weekly EIA Petroleum Report
Notable Earnings Before Open
Dick’s Sporting Goods (DKS) – EPS Est. $1.04
Notable Earnings After Close
Salesforce.com (CRM) – EPS Est. $0.12
Guess (GES) – EPS Est. $0.33
PVH (PVH) – EPS Est. $2.11
