Wednesday September 5, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European stocks are lower this morning. Weakness in emerging markets is weighing on the global economy. They have been under pressure with strength in the USD, trade war tensions and other geopolitical tensions, however investors are now wary of contagion. Energy stocks are lower as the tropical storm in the gulf produced less damage than expected. Asian markets settled the day lower.
Technicals
The SPY continues to consolidate around the all time highs. Support will first lie at gap entry of $288.68, then gap fill at $287.67, followed by the 20EMA at 286.87 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, the 100SMA at $276.37, then gap fill at $275.84, then the $275.5 and $274 pivots, and the 200SMA at $272.89. 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**
JD, AMD, CGC
Economic Calendar
8:30 International Trade
9:20 Fed Pres. Bullard Speaks
12:30 Fed Pres. Williams Speaks
3:00 Fed Pres. Williams Speaks
4:00 Fed Pres. Kashkari Speaks
5:30 Fed Pres. Williams Speaks
6:30 Fed Pres. Bostic Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
Ctrip.com (CTRP) – EPS Est. $0.05
DocuSign (DOCU) – EPS Est. $-0.17