Tuesday September 11, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Stocks are feeling pressure after it is reported that China has asked the WTO for authorization to impose trade sanctions on the US. The trade war has caused concern of slowing economic growth in China which weighs on global markets. Canada and the US are also reported to have restarted trade negotiations. Asian markets settled mixed on the session.
Technicals
The SPY traded in a relatively tight range and continued to consolidate above the 20EMA in yesterday’s session. This morning the SPY is looking to open right at the 20EMA support. Support will first lie at the 20EMA at 287.30, followed by the old $285 pivot zone, then gap entry at $283.37, gap fill at $282.54. It continues at the $279.5 pivot, the 100SMA at $277.17, gap entry of $276.5, then gap fill at $275.84, then the $275.5 and $274 pivots, and the 200SMA at $273.48. 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**
BABA, YUMC
Economic Calendar
8:55 Redbook
10:00 JOLTS Report
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
