Friday, August 2, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are lower in early trading. Markets again traded sharply lower in yesterday’s session following a ramp in trade tensions between the US and China. Pres. Trump announced plans to levy another 10% tariff on $300b of Chinese goods starting Sept. 1st. with the potential to raise it to 25% if trade talks stall. Investors will also be watching the Jobs report today for insight into the strength of the economy. Asian markets settled the session lower.
Technicals
The SPY was rebounding off the 20EMA in yesterday’s session then sharply sold off in the afternoon through the 20EMA and into gap entry on the tariff news. Support will first be found with gap fill at $293.55, the 100SMA at $289.50, $288.44, $281.20, and the 200SMA at $278.60. Resistance will be found at $297, followed by the 20EMA at $298.09, then $299.6, $301 and $302.23
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**
STX, NTAP, SQ, FLR, PINS
Economic Calendar
8:30 Jobs Report, exp. 151k
8:30 International Trade
10:00 Consumer Sentiment
Notable Earnings Before Open
Seagate Technology (STX) – EPS Est. $0.83
Newell Brands. (NWL) – EPS Est. $0.36
Notable Earnings After Close
NONE
