Friday May 5, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are relatively flat this morning ahead of the April payroll report. European stocks are trading slightly lower ahead of the French Presidential election this Sunday. Asian stocks closed lower. Markets will be watching commodity prices, specifically crude oil, to see whether yesterday’s selloff was due to a potential global economic slowdown or more incident specific in the commodity market.
Technicals
The SPY traded on another inside range day during yesterday’s session, making for choppy markets. The SPY tested the recent gap entry yet again which held as support to then close back near the intraday highs. The SPY remains in a tight consolidation range while it has been attempting to hold the recent gap entry as support. Support will lie at the low of yesterday’s range at $237.78 which closely coincides with the recent gap entry at $237.81, then followed by $237.41, the 20EMA at $236.90, $236.61, and the recent pivot point at $236.30 which also coincides with the 50SMA. Resistance will lie at the high of yesterday’s range at $238.92, followed by $238.98, $239.17, $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**
$SNCR
$AAOI
$PBYI
Economic Calendar
8:30 April non-farm payrolls expected +190K
8:30 April avg hourly earnings expected +0.3%
11:30 Fed Vice Chair Stanley Fischer speaks
12:45 San Francisco Fed President John Williams
1:30 Fed Chair Janet Yellen speaks
1:30 Chicago Fed President Charles Evans speaks
3:00 March consumer credit expected +$14B
Notable Earnings Before Open
Cigna Corp. (CI) – consensus EPS $2.45
Notable Earnings After Close
NONE
