Thursday November 8, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly lower in early trading. Tech stocks are leading markets lower after some disappointing earnings overnight. European shares are lower after an unexpected drop in exports from Germany. Investors will be watching to see what the FOMC releases from their November meeting today at 2pm. Asian markets settled the session mostly higher.
Technicals
The SPY gapped higher and continued in yesterday’s session up to the $281 pivot level. Support is first found at the 200SMA of $276.07, followed by the $275.5 pivot, then the 20EMA at $275.08, the important $270 pivot, followed by $265, $261.20, then $259.00 and $254.67. Resistance first lies at the $281 pivot area, then the 100SMA at $281.62, $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**
SQ, PRGO, QCOM, CTRP
Economic Calendar
8:30 Weekly Unemployment Claims, exp. 213k
2:00 FOMC Meeting Announcement
Notable Earnings Before Open
Cardinal Health (CAH) – EPS Est. $1.06
Hain Celestial (HAIN) – EPS Est. $0.13
Notable Earnings After Close
Disney (DIS) – EPS Est. $1.31
Activision Blizzard (ATVI) – EPS Est. $0.50
Dropbox (DBX) – EPS Est. $0.06
Yelp (YELP) – EPS Est. $0.10