Wednesday October 10, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. The IMF (International Monetary Fund) issued a warning that further continuation of trade tensions could start another global financial crisis. Investors are also cautious after a statement from Fed Pres. Williams stated “further gradual increases in interest rates” is best for the continued expansion of the economy. Asian markets settled the day mostly higher.
Technicals
The SPY was range bound in yesterday’s session and held the $286.7 pivot and is testing that in the premarket this morning. 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 $281.95, the $279.5 pivot, gap entry of $276.5, then the 200SMA at $276.18. Resistance first lies at the 20EMA of $289.62, 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, FAST
Economic Calendar
8:55 Producer Price Index
12:15 Fed Pres. Evans Speaks
6:00p Fed Pres. Bostic Speaks
Notable Earnings Before Open
Fastenal (FAST) – EPS Est. $0.67
Notable Earnings After Close
NONE