Wednesday July 18, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are higher in early trading. Pres. Trump is scheduled to meet in Europe next week to discuss auto tariffs and that is leading automakers and the overall market higher. Tech stocks are feeling pressure after GOOGL was hit with a $5b fine in the EU over Android apps. Asian markets ended the day mixed.
Technicals
The SPY gapped slightly lower to start yesterday’s session, then pressed up and held above the $280 resistance level. Support will first lie at the $280 pivot, followed by gap entry of $276.5, the 20EMA at $276.23, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA. It continues at the 200SMA of $270.95, then the pivots at $270, $267, $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $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**
MS, UAL, CSX, NFLX
Economic Calendar
8:30 Housing Starts
10:00 Fed Pres. Powell Speaks
10:30 Weekly EIA Petroleum Status Report
Notable Earnings Before Open
Morgan Stanley (MS) – EPS Est. $1.08
W.W. Grainger (GWW) – EPS Est. $3.78
Notable Earnings After Close
International Business Machines (IBM) – EPS Est. $3.03
American Express Company (AXP) – EPS Est. $1.83
eBay (EBAY) – EPS Est. $0.39
United Rentals (URI) – EPS Est. $3.50
Alcoa (AA) – EPS Est. $1.28
