Wednesday August 1, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are slightly lower in early morning trading. The trade war continues to escalate after the US is considering raising the $200b in tariffs on Chinese goods from 10% to 25%. Investors are wary of a retaliatory measure from the China. The tech sector is higher after tech giant AAPL posted better than expected earnings last night. Asian markets settled the session mixed.
Technicals
The SPY consolidated near the $280 support in yesterday”s session. Support will first lie at the $280 and $279.5 pivots, then the 20EMA at $279.48, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $271.80. It continues at the pivot at $270, the 200SMA at $269.43, then pivots at $267, $265, $259.05, $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will first lie at the swing 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**
AAPL, BIDU, CAKE
Economic Calendar
8:15 ADP Employment Report
10:00 ISM Manufacturing Index
10:30 EIA Petroleum Status Report
2:00 FOMC Meeting Announcement
Notable Earnings Before Open
SodaStream (SODA) – EPS Est. $0.71
Molson Coors Brewing (TAP) – EPS Est. $1.84
Humana (HUM) – EPS Est. $3.79
Automatic Data Processing (ADP) – EPS Est. $0.90
Notable Earnings After Close
Tesla (TSLA) – EPS Est. $-3.61
Wynn Resorts (WYNN) – EPS Est. $2.03
TripAdvisor (TRIP) – EPS Est. $0.24
Square (SQ) – EPS Est. $-0.01
