Morning Notes
US Futures along with European shares are lower in early trading. President Trump, in a rally last night, made reference to terminating NAFTA (North American Free Trade Agreement) sparking global trade concern. The President also mentioned the possibility of a government shutdown to win funding for the Mexico border wall. Asian stocks settled mostly mixed.
Technicals
The SPY (NYSE:SPY) gapped up to start yesterday’s session and exhibited strength throughout the day crossing back above its 50SMA to then find resistance at its 20EMA along with the recent pivot. Support will lie at the low of yesterday’s range and gap entry at $243.55, followed by gap fill at $243.20, then $241.83, the 100SMA at $241.68, then $240.85, and the recent support pivot at $240.65.
Resistance will lie at the high of yesterday’s range at $245.62, followed by $246.60, ascending resistance at $248.12 and record highs at $248.91.
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
0905 Fed Pres. Kaplan Speaks
0945 PMI Composite Flash for August, est. 53.4
1030 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
Lowe’s (NYSE:LOW): EPS Est. $1.62
Notable Earnings After Close
HP Inc (NYSE:HPQ): EPS Est. $0.42
PVH (NYSE:PVH): EPS Est. $1.65
Williams-Sonoma Inc (NYSE:WSM): EPS Est. $0.59