Thursday October 4, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Markets tumbled yesterday afternoon with the largest jump in US Treasury Bonds yields in almost 2 years after hawkish comments from Fed Chair Powell. That in conjunction with the ISM Non-Manufacturing PMI rising to a 21 year high put pressure on markets into the afternoon. Asian markets settled the day mostly lower.
Technicals
The SPY gapped slightly higher to start yesterday’s session and was trading in a tight range until the afternoon fade. Support will continue to lie first at the 20EMA of $290.40, followed by the pivot low of $286.17, the old $285 pivot zone, then gap entry at $283.37, gap fill at $282.54. It continues with the 100SMA at $281.31, the $279.5 pivot, gap entry of $276.5, then gap fill at $275.84 and the 200SMA at $275.76. Resistance is still at the pivot high of 293.22, followed by all time highs of $293.94.
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**
SRPT, MNK, LLY
Economic Calendar
8:15 Fed Pres. Quarles Speaks
8:30 Weekly Unemployment Claims, expected 214k
Notable Earnings Before Open
Constellation Brands (LEN) – EPS Est. $2.58
Notable Earnings After Close
Costco (COST) – EPS Est. $2.34
