Friday November 16, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. The tech sector is leading the markets lower today as NVDA posted some disappointing earnings last night. Yesterday markets climbed higher on optimism of a trade deal with China. However, that was dampened with a statement from US Comm. Sec. Ross that tariffs were still expected to be implemented in January. Asian markets settled the session mixed.
Technicals
The SPY continued to trade below the 20EMA in yesterday’s session and reclaimed the $270 pivot level. Support is first found at the important $270 pivot, followed by $265, $261.20, then $259.00 and $254.67. Resistance first lies at the 20EMA of $274.53, followed by the $275.5 pivot, then the 200SMA at $275.80, the $281 pivot area, then the 100SMA at $281.66, $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**
NVDA, AMD, AMAT
Economic Calendar
9:15 Industrial Production
11:30 Fed Pres. Evans Speaks
Notable Earnings Before Open
Viacom (VIAB) – EPS Est. $0.95
Notable Earnings After Close
NONE
