Tuesday, August 6, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are higher in early trading. Markets sold off in yesterday’s session and are getting some relief this morning following the PBOC moving the yuan inside the 7 to 1 USD. This after the Treasury Department listing China as a currency manipulator. China responded with the rate change in an attempt to ease tensions and stated they would not use the yuan in the ongoing trade dispute with the US. Asian stocks settled the session lower.
Technicals
The SPY continued its decline in yesterday’s session gaping below the 100SMA to open and finding some support around $282. Support will first be found with the 200SMA at $278.71. Resistance will be found at descending resistance of $286.35, then $288.44, the 100SMA at $289.66, $293.20, $294.45, the 20EMA at $296.26, $297, then $299.6, $301 and $302.23
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**
TTWO, MOS, IFF
Economic Calendar
10:00 JOLTS Report
1:05 Fed Pres. Bullard Speaks
Notable Earnings Before Open
Mallinckrodt (MNK) – EPS Est. $2.10
Notable Earnings After Close
Walt Disney (DIS) – EPS Est. $1.76
Wynn Resorts (WYNN) – EPS Est. $1.42
Weight Watchers (WW) – EPS Est. $0.65
Papa John’s (PZZA) – EPS Est. $0.22
