Tuesday July 17, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are down slightly in early trading this morning. Disappointing NFLX earnings last night are weighing on markets this morning. Investors will also be paying close attention to Fed Pres. Powell when he speaks at 10AM Est. for insight into what the Fed may be doing in the near future. Asian markets ended the day mostly lower.
Technicals
The SPY continued consolidated just below the $280 pivot levels in yesterday’s session. Support will first lie at gap entry of $276.5, followed by gap fill at $275.84, then the $275.5 pivot, the 20EMA at $275.40, then the $274 pivot, the 100SMA at $270.75. It continues at the $270 pivot, then the 200SMA $267.75, pivots at $267, $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $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**
NFLX, GS
Economic Calendar
8:55 Redbook
9:15 Industrial Production
10:00 Fed Pres. Powell Speaks
Notable Earnings Before Open
Johnson & Johnson (JNJ) – EPS Est. $2.06
UnitedHealth (UNH) – EPS Est. $3.03
Goldman Sachs (GS) – EPS Est. $4.67
Notable Earnings After Close
CSX (CSX) – EPS Est. $0.86
United Continental (UAL) – EPS Est. $3.07
