Friday August 31, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in morning trading. China/US tensions have increased again as Pres. Trump announced plans to go ahead with an additional $200b in new tariffs on China as early as next week. Pres. Trump also rejected a trade offer from the EU and stated they were “almost as bad as China, just smaller.” Asian markets settled the day lower.
Technicals
The SPY was consolidating near the highs in yesterday’s session until the trade news was released into the afternoon. Support will first lie at gap entry of $288.68, then gap fill at $287.67, followed by the 20EMA at 286.16 and the old $285 pivot zone, 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 100SMA at $275.86, then the $275.5 and $274 pivots, 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**
LULU, AMBA, BIG
Economic Calendar
9:45 Chicago PMI
10:00 Consumer Sentiment
Notable Earnings Before Open
Big Lots, Inc. (BIG) – EPS Est. $0.67
Notable Earnings After Close
lNONE
