Friday May 12, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking slightly lower again this morning while European markets trade relatively flat. A busy economic calendar, including April retail sales, will keep markets on edge as investors look for clues for further market direction. Asian Markets closed mostly mixed.
Technicals
The SPY initially sold off out of the open in yesterday’s session to later edge back and close on the highs. Support will lie at the low of yesterday’s range at $238.13, followed by the 20EMA at $237.92, gap entry at $237.81, gap fill at $237.41, then the beginning of a secondary gap at $236.61, which also coincides with the 50SMA, and finally the recent pivot point at $236.30. Resistance will lie at the high of yesterday’s range at $239.57, followed by $239.87, $240.19, 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**
$JWN
Economic Calendar
8:30 April CPI expected +0.2% March -0.3%
8:30 April retail sales expected +0.6%
8:30 April real average weekly earnings
9:00 Chicago Fed President Charles Evans speaks
10:00 Prelim May University of Michigan U.S. consumer sentiment index expected unchanged
10:00 March business inventories expected +0.1%
12:30 Philadelphia Fed President Patrick Harker speaks
Notable Earnings Before Open
Boyd Gaming Corp (BYD) – EPS Est. 0.77
JC Penney (JCP) – EPS Est. -0.22
Notable Earnings After Close
NONE
