Wednesday June 20, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European are slightly higher in early training this morning. Markets are starting to stabilize from the trade war news between the US and China. Crude prices are rising after an unexpected draw on inventories and that is helping to push the market higher. Asian markets settled the day higher.
Technicals
The SPY gapped lower to start yesterday’s session, finding support near the $274 swing pivot and closing the day higher at the confluence of the 20EMA and the $275.5 pivot. Support will first lie at the confluence of the $275.5 pivot and the 20EMA, followed by the $274 swing high pivot area, then the 100SMA at 270.43, then pivots at $270 and $267, then the 200SMA at $265.58. It continues at the pivots at $265, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at the gap of $277.5, then $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
10:00 New Home Sales
10:30 EIA Petroleum Status Report
Notable Earnings Before Open
NONE
Notable Earnings After Close
Micron Technology (MU) – EPS Est. $3.10
