Monday October 8, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Markets are continuing lower this morning following a drop in Chinese markets after the government released funds for more lending to try and jump start their economy. Italy is also weighing on markets after the European Commission rejected Italy’s plan for a wider budget deficit. Asian markets settled the day mostly lower.
Technicals
The SPY failed to reclaim the 20EMA in Friday’s session and sold off on increased volume then was able to pare losses into the afternoon . Support will first be at the pivot low of $286.17, then the old $285 pivot zone, followed by gap entry at $283.37, gap fill at $282.54. It continues with the 100SMA at $281.64, the $279.5 pivot, gap entry of $276.5, then the 200SMA at $275.97. Resistance first lies at the 20EMA of $290.07, then the pivot high of 293.22, followed by all time highs of $293.94.
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, SPY, QQQ
Economic Calendar
NONE
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
