Monday, October 21 , 2018
TODAY’S GAME PLAN:
China’s Vice Premier Liu He said on Saturday there had been “substantial progress” with the U.S. to lay the foundation for an initial accord on trade. UK PM Johnson will ask Parliament to back his deal with the EU today. The U.K. Prime Minister failed in his first attempt to get his Brexit deal approved in a vote in the British Parliament over the weekend and has been forced to seek an extension to the Oct. 31 deadline.
EQUITIES: U.S. equity-index futures advanced along with European and Asian shares as the market awaits fresh developments on foreign trade and this week’s slew of results from major companies. / MDR +30.6% (+$0.72); YNDX +9.3% (+$2.78); Yandex Rises as Russia May Ease Law to Curb Foreign Ownership; PINS +3.7% (+$0.93); Pinterest Raised to Outperform at RBC; PT $35; COMM raised to Buy at Nomura Instinet; ENDP -13% (-$0.63); MNK -6.4% (-$0.17)
December E-Mini S&P is +0.30% pre-market; NQ +0.38%; RTY +0.77%. SPX will has 2996 as initial key to start today (.618 retrace). Early strength above here would see last week’s high at 3008. Short term extension target is 3024-3027 area. A break of 2980 would likely see the 50dma around 2948.
Small caps outperforming the last few days after IWM/SPY breaks above the short term trend line and has plenty of room for upside momentum shift.
Cabrera Capital Markets, LLC
As always, please use protective buy and sell stops when trading futures and options.
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