Tuesday October 23, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Global markets continue to be under pressure with concern in the slowdown of China’s economy. Tech stocks are weak following a sell-off in Europe. Asian markets settled the day sharply lower.
Technicals
The SPY remained below the 200SMA in yesterday’s session and chopped around the $275.5 pivot area. We are looking to gap lower this morning around the critical $270 pivot area. Support is first found at the $270 critical pivot, followed by $268.43, and $267.76. Resistance first lies at the $275.5 pivot, followed by the 200SMA at $276.52, the $280 pivot area, the 20EMA at $281.91, then the 100SMA of $282.36, $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**
CAT, MMM
Economic Calendar
8:55 Redbook
9:30 Fed Pres. Kashkari Speaks
1:30 Fed Pres. Bostic Speaks
2:15 Fed Pres. Kaplan Speaks
6:15 Fed Pres. Evans Speaks
8:00 Fed Pres. George Speaks
Notable Earnings Before Open
Caterpillar (CAT) – EPS Est. $2.83
3M (MMM) – EPS Est. $2.70
McDonalds (MCD) – EPS Est. $1.98
Harley-Davidson (HOG) – EPS Est. $0.59
Notable Earnings After Close
Texas Instruments (TXN) – EPS Est. $1.53
iRobot (IRBT) – EPS Est. $0.48