Tuesday October 9, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Overall weakness continues in global markets as the IMF cut its global GDP outlook to 3.7%. Investors are also cautious that the Fed will be increasing interest rates faster than expected. Crude oil is higher with Hurricane Michael going through the Gulf. Asian markets settled the day mixed.
Technicals
The SPY continued to sell in the beginning of yesterday’s session, then rallied off the $285 pivot area to close the day green. This morning the SPY is failing to hold that continued move higher and is looking to open near the previous $286 pivot area. Support will first lie at the old $285 pivot zone, followed by gap entry at $283.37, gap fill at $282.54. It continues with the 100SMA at $281.79, the $279.5 pivot, gap entry of $276.5, then the 200SMA at $276.08. Resistance first lies at the 20EMA of $289.86, 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, PRGO, PYX
Economic Calendar
8:55 Redbook
10:00 Fed Pres. Evans Speaks
9:15p Fed Pres. Williams Speaks
10:35p Fed Pres. Williams Speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
