Thursday April 5, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are modestly higher in early trading. Investors fears of a trade war are starting to reduce after word came from the White House that these are only proposed tariffs and negotiations will take place. Asian stocks closed sharply higher on the day.
Technicals
The SPY had a strong rebound in yesterday’s session, climbing throughout the session to close just below its 265 pivot. This morning the SPY has gapped higher and is sitting right below its 20EMA. Support will first lie yesterday’s low of $256.60, followed by $254.67, then the swing low at $257.83, and the low of the February sell down at $252.92. Resistance will first lie at the $265 pivot, followed by the 20EMA at $266.10, then the 100SMA at $269.07, followed by the critical pivot at $270, then pivots at $273, $275.5, $280, $284.10, 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**
Economic Calendar
8:30 Weekly Jobless Claims, expected 230k
8:30 International Trade in Goods
1:00 Fed Pres. Bostic Speaks
Notable Earnings Before Open
Monsanto (MON) – EPS Est. $3.38
Notable Earnings After Close
WD-40 Company (WDFC) – EPS Est. $0.95
