Wednesday October 24, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat while European stocks are up in early trading. Weakness in the tech sector is weighing on US markets. European markets are getting a boost from a drop in EUR/USD which is good for exporters. Earnings season is upon us and investors will be watching closely for any signs of a downturn in the economy. Asian markets settled mixed on the day.
Technicals
The SPY retested the critical $270 support area in yesterdays session, reclaiming that and moving higher into the afternoon. 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 $281.12, 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**
TXN, UPS, T
Economic Calendar
10:00 New Home Sales
10:00 Fed Pres. Bostic Speaks
11:30 Fed Pres. Kaplan Speaks
12:30 Fed Pres. Mester Speaks
2:00 Fed Pres. Bostic Speaks
7:00 Fed Pres. Brainard Speaks
Notable Earnings Before Open
Boeing (BA) – EPS Est. $3.45
United Parcel Service (UPS) – EPS Est. $1.82
AT&T (T) – EPS Est. $0.93
Notable Earnings After Close
Microsoft (MSFT) – EPS Est. $0.96
Visa (V) – EPS Est. $1.20
Tesla (TSLA) – EPS Est. $-1.77
Las Vegas Sands (LVS) – EPS Est. $0.84
Whirlpool (WHR) – EPS Est. $3.68
