Thursday October 18, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European stocks are lower in early trading. Markets are lower after the Fed released hawkish FOMC minutes showing that the Fed will continue to raise interest rates into next year. Weakness in the energy sector is also weighing on markets as Crude inventories rose more than expected in the EIA report. Asian markets settled the day lower with weakness in Chinese markets.
Technicals
The SPY had a flat day in yesterday’s session . Support is first found at the $280 pivot, followed by the 200SMA of $276.46, $272, $270, $268.43, and $267.76. Resistance first lies at the 100SMA $282.21, the 20EMA at $284.03 the pivot at $286.7, $293.22, then 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**
TXT, AA, URI, PM
Economic Calendar
8:30 Weekly Jobless Claims, expected 215k
8:30 Phili Bus. Outlook Survey
9:00 Fed Pres. Bullard Speaks
12:15 Fed Pres. Quarles Speaks
Notable Earnings Before Open
Philip Morris (PM) – EPS Est. $1.27
Notable Earnings After Close
PayPal (PYPL) – EPS Est. $0.54
American Express (AXP) – EPS Est. $1.78
Sketchers USA (SKX) – EPS Est. $0.51
