Monday April 24, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are pointing to a sharply higher open while European stocks also surge, trading higher by nearly +4% and 1 ½ year highs on optimism that EU candidate Macron will become France’s next president. In addition, President Trump said that he would be releasing a large tax reform plan on Wednesday. Asian stocks closed mostly higher.
Technicals
The SPY closed on intraday lows and back below the 20EMA throughout Friday’s session. However, the SPY is gapping sharply higher this morning. Due to the this morning’s gap, support will lie at $237.69, $237.31, the recent pivot point at $236.30, then $235.85, the 50SMA at $235.56, the high of Friday’s range at $235.31 and finally the 20EMA at $234.76. Resistance will lie at $237.97, $238.10, $239.20, $239.44, $239.57, and record highs at $240.32.
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**
$JPM
Economic Calendar
8:30 March Chicago Fed national activity index
10:30 April Dallas Fed manufacturing activity expected +0.6
11:30 Minneapolis Fed President Neel Kashkari speaks
Notable Earnings Before Open
Halliburton (HAL) – EPS Est. $0.03
Hasbro (HAS) – EPS Est. $0.38
Kimberly-Clark (KMB) – EPS Est. $1.55
Notable Earnings After Close
Alcoa (AA) – EPS Est. $0.70
T-Mobile (TMUS) – EPS Est. $0.34
Whirlpool (WHR) – EPS Est. $2.72