Wednesday November 7, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are higher in early trading. Markets are higher following the midterm elections where the Democrats took a majority in the House. Energy stocks are also moving higher with an OPEC meeting this weekend where production cuts for 2019 are expected to be discussed. Asian markets settled the session mixed.
Technicals
The SPY hovered around its 20EMA in yesterday’s session, pushing higher to close around the $275 pivot and is gapping higher above the 200SMA in premarket following the midterm elections. Support is first found at the 20EMA of $274.45 important $270 pivot, followed by $265, $261.20, then $259.00 and $254.67. Resistance first lies at the $275.5 pivot, followed by the 200SMA at $276.08, the $280 pivot area, then the 100SMA at $281.60, $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**
KORS, ETSY, Z, TWLO, MTCH
Economic Calendar
NONE
Notable Earnings Before Open
Michael Kors (KORS) – EPS Est. $1.09
21st Century Fox (FOXA) – EPS Est. $0.53
Humana (HUM) – EPS Est. $4.29
Notable Earnings After Close
Square (SQ) – EPS Est. $0.11
Roku (ROKU) – EPS Est. $-0.13
Qualcomm (QCOM) – EPS Est. $0.82
Take-Two Interactive (TTWO) – EPS Est. $0.93
