Wednesday April 28, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are slightly higher this morning being led by GOOGL and AMZN quarterly earnings reports. However, gains in equities are muted due to the geopolitical tensions with North Korea. European stocks were under pressure after UK Q1 GDP came in lighter than expected. Asian stocks closed mostly mixed.
Technicals
The SPY remained rather indecisive without a clear trend throughout yesterday’s session. Support will lie at low of yesterday’s range at $237.98, followed by Tuesday’s low at $237.81, then the high of Monday’s range at $237.41, the former recent descending resistance at $236.30, which also coincides with the recent pivot point, providing a strong support level. Further, the 50SMA at $236.05, the 20EMA at $235.88, and the high of Friday’s range at $235.31. Resistance will lie at the high of yestederday’s range at $238.95, followed by $239.53, $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**
$QCOM
Economic Calendar
8:30 Q1 GDP expected +1.0%
8:30 Q1 personal consumption expected +0.9%
8:30 Q1 employment cost index expected +0.6%
9:45 April Chicago PMI expected -1.2
10:00 Final April University of Michigan U.S. consumer sentiment index expected unchanged
2:30 Philadelphia Fed President Patrick Harker speaks
Notable Earnings Before Open
Chevron (CVX) – EPS Est. $0.92
Colgate-Palmolive (CL) – EPS Est. $0.66
ExxonMobil (XOM) – EPS Est. $0.87
General Motors (GM) – EPS Est. $1.46
Goodyear Tire (GT) – EPS Est. $0.63
Phillips 66 (PSX) – EPS Est. $0.13
Royal Caribbean Cruises (RCL) – EPS Est. $0.92
Sanofi (SNY) – EPS Est. N/A
Spirit Airlines (SAVE) – EPS Est. $0.49
V.F. Corp. (VFC) – EPS Est. $0.55
Notable Earnings After Close
NONE
