Friday May 18, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are slightly higher and European shares are slightly lower in early trading. Progress in trade talks with China are helping increase investor confidence. Interest rates still remain a concern with the rise of the 10 year T notes. Asian markets closed mixed on the week.
Technicals
The SPY rallied to the $273 pivot early in the session, then gave back the early gains coming into the afternoon. Support will first lie at the confluence of the 100SMA at 270.41 and the $270 pivot, followed by the 20EMA at $268.77 and the $267 pivot, then $265, the 200SMA at $262.35, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $273, $275.5, $280, $284.10, and all time highs at $286.63.
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**
Economic Calendar
3:00 Fed Pres. Mester Speaks
Notable Earnings Before Open
Deere & Company (DE) – EPS Est. $3.33
Astrazeneca (AZN) – EPS Est. $0.28
Notable Earnings After Close
NONE
