Thursday August 30, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower this morning. Investors are concerned with the possibility of tensions increasing between the US and China after Pres. Trump accused them of trying to undermine the denuclearization agreement between the US and North Korea. European stocks are weak after a drop in eurozone economic confidence. Asian markets settled the day mostly lower.
Technicals
The SPY continued its strong run in yesterday’s session hitting more new highs. 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 285.73, 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 $275.61, then $274 and the 200SMA at $272.40. Resistance is at the new all time highs of $291.74.
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**
SIG, EA, DLTR
Economic Calendar
8:30 Weekly Unemployment Claims, expected 214k
8:30 Personal Income and Outlays
Notable Earnings Before Open
Dollar General (DG) – EPS Est. $1.49
Dollar Tree (DLTR) – EPS Est. $1.17
Burlington Stores (BURL) – EPS Est. $0.97
Signet Jewelers (SIG) – EPS Est. $0.21
Notable Earnings After Close
lululemon athletica (LULU) – EPS Est. $0.49
Ulta Beauty (ULTA) – EPS Est. $0.24
Ambarella (AMBA) – EPS Est. $-0.17
