Wednesday May 10, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are pointing to a slightly lower open this morning as the market digests a large batch of earnings while European stocks drifted lower Wednesday as well. Asian stocks settled mostly mixed after China released Consumer Inflation data for April which showed a slight increase in costs for nonfood items.
Technicals
The SPY drifted back lower throughout yesterday’s session although still managing to hold above the recent breakout of consolidation. Support will lie at the low of yesterday’s range at $239.04, followed by $238.68, gap entry at $237.81, the 20EMA at $237.57, gap fill at $237.41, then the beginning of a secondary gap at $236.61, followed by the 50SMA at $236.53 and finally the recent pivot point at $236.30. Resistance will lie at the high of yesterday’s range at $24.19, followed 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**
$ACIA
$NVDA
Economic Calendar
8:30 Import Prices Est. 0.2%
10:30 Crude Oil Inventories Est -2M
1:00 10 Year Bond Auction
2:00 Federal Budget Balance Est. 175B
Notable Earnings Before Open
Ctrip.com (CTRP) – EPS Est. -0.05
Dryships Inc (DRYS) – EPS Est. N/A
Intrexon (XON) – EPS Est. -0.23
Snap Inc (SNAP) – EPS Est. -2.33
Twenty First Century Fox (FOX) – EPS Est. 0.48
Whole Foods Market (WFM) – EPS Est. 0.37
Notable Earnings After Close
Mylan (MYL) – EPS Est. 0.92