Friday October 26, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are sharply lower in early trading. Disappointing earnings from AMZN and GOOGL are driving markets lower this morning. This combined with the ongoing trade war between the US and China has investors on edge this morning and they are waiting for the GDP data to come out to see more into the strength of the US economy. Asian markets settled the session mostly lower.
Technicals
The SPY moved higher through yesterday’s session and reclaimed the critical $270 support level. This morning the SPY is looking to gap lower below yesterday’s lows. Support is first found at $265, followed by $261.20, $259.00 and $254.67. Resistance first lies at the critical $270 pivot, then the $275.5 pivot, followed by the 200SMA at $276.45, the 20EMA at $278.71, the $280 pivot area, then the 100SMA at $282.21, $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**
WDC
Economic Calendar
8:30 GDP, expected 3.3%
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE