Friday August 17, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are flat to slightly lower in early trading. The technology sector is weighing on markets after some weak earnings reports coming from NVDA and AMAT. Weakness, again, from Turkey is also putting pressure on global markets after the Iira dropped another 5% yesterday. Asian markets settled the session mixed.
Technicals
The SPY gapped higher in yesterday’s session and tested the important $285 pivot, then closed the day near that $284 pivot level. Support will first lie at the gap entry of 283.37, followed by gap fill and the 20EMA of $282.54, followed by the $279.5 pivot, gap entry of $276.5, then gap fill at $275.84, the $275.5 pivot, then the $274 pivot and 100SMA at $273.25. It continues at 200SMA at $271.08, then the pivots of $270, $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 strong $285 pivot, followed by $286.01 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**
DE, AMAT, JWN, NVDA, TSLA
Economic Calendar
10:00 Consumer Sentiment
Notable Earnings Before Open
Deere & Company (DE) – EPS Est. $1.77
Notable Earnings After Close
NONE
