Friday, August 30, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are higher in early trading. Trade optimism continues to fuel markets higher after the calm tone China is using and a willingness to work toward a resolution. However, the newly increased tariffs go into effect on Sunday. Asian stocks settled the session mostly higher. A reminder that US markets are closed for the Labor Day Holiday on Monday.
Technicals
The SPY gapped higher and held in yesterday’s session after testing the 100SMA. This morning the SPY is looking gap higher again above the 50SMA. Support will first be found at $293.2, the 100SMA of 290.74, followed by the 20EMA at $290.47, $288.44, then ascending support of $284.41, $281.72, the 200SMA at $280.16 and $275.45. Resistance will be found at $294.45, $297, $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**
ALXN, DELL, ULTA
Economic Calendar
8:30 Personal Income and Outlays
9:45 Chicago PMI
10:00 Consumer Sentiment
Notable Earnings Before Open
Big Lots (BIG) – EPS Est. $0.40
Campbell Soup (CPB) – EPS Est. $0.41
Notable Earnings After Close
NONE