Thursday July 26, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are lower and European stocks are up in early trading. European stocks are higher after Pres. Trump and European Commission Pres. Juncker are working to remove tariffs and expand a trade deal. Tech stocks are feeling the pressure from a drop in the tech giant FB. FB is currently down over 20% from yesterday’s close after adding fewer daily users than expected. Asian markets settled the day mixed.
Technicals
The SPY continued to move to the upside in yesterday’s session and had a strong move to end the day. Support will first lie at the small gap entry of $280.63, followed by the $280 and $279.5 pivots, then the 20EMA at $278.50, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $271.46. It continues at the pivot at $270, the 200SMA at $268.89, then 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 yesterday’s high of $284.37, 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**
TAL, NLSN, FB, PYPL
Economic Calendar
8:30 Weekly Jobless Claims, expected 215k
8:30 International trade in goods
Notable Earnings Before Open
Mastercard (MA) – EPS Est. $1.53
McDonald’s (MCD) – EPS Est. $1.92
Altria (MO) – EPS Est. $1.00
American Airlines (AAL) – EPS Est. $1.59
Notable Earnings After Close
Amazon.com (AMZN) – EPS Est. $2.49
Intel (INTC) – EPS Est. $0.99
Electronic Arts (EA) – EPS Est. $-0.12
Western Digital (WDC) – EPS Est. $3.20
Chipotle Mexican Grill (CMG) – EPS Est. $2.78
