Friday August 4, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are higher this morning while European shares were flat in early trading ahead of the monthly payrolls report. Income growth and other metrics will be key indicators scrutinized by investors for a measure of growth in the US economy. Asian stocks ended the week mixed.
Technicals
The SPY consolidated just beneath the trendline during Thursday’s trading session and is exhibiting weakness after a selloff late yesterday. Support will lie at the low of yesterday’s range at $246.64, then $246.37, followed by $246.13, the 20 EMA at $245.92, the short term pivot point at $245.70, then $244.67, $244.31 and the 50 SMA at $244.03. Further support lies at $243.76, then gap entry at $243.30 and gap fill at $242.55. Resistance will lie at the high of yesterday’s range at $247.34, followed by $247.60 and record highs at $248.
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**
Economic Calendar
0830 July non-farm payrolls expected +180k, July private payroll expected +175k
0830 Trade Balance Est. -44.5B
0945 July PMI manufacturing index expected -0.1 to 53.1
1000 July ISM manufacturing index expected -1.4 to 56.4
1000 June construction spending expected +0.5%
Notable Earnings Before Open
Cigna Corporation (CI) – EPS Est. $2.48
Newell Brands Inc. (NWL) – EPS Est. $0.86
Notable Earnings After Close
NONE
