Wednesday October 17, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Markets had a strong positive move in yesterday’s session and now taking a pause as investors wait to see insight from the FOMC minutes into future rate hikes. European automakers are lower after new car registrations dropped over 20%. Asian markets settled the day mixed.
Technicals
The SPY rebounded in yesterday’s session reclaiming the 200SMA pushing higher though the day and testing the $280 pivot area. Support is first found at the $280 pivot, followed by the 200SMA of $276.40, $272, $270, $268.43, and $267.76. Resistance first lies at the 100SMA $282.12, the 20EMA at $284.41 the pivot at $286.7, $293.22, then 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**
NFLX, IBM, UAL
Economic Calendar
8:30 Housing Starts
12:10 Fed Pres. Brainard Speaks
2:00 FOMC Meeting Min. Released
Notable Earnings Before Open
NONE
Notable Earnings After Close
Alcoa (AA) – EPS Est. $0.25
United Rentals (URI) – EPS Est. $4.54
