Tuesday May 1, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and most of Europe and Asian markets are closed for holiday. Trade and tariffs are the main talk of the day as the US announced it would delay imposing them on select countries till June 1. There also will be negotiations taking place trying to resolve the Chinese trade disputes. Open Asian markets closed the day higher.
Technicals
The SPY exhibited weakness through yesterday’s session drifting lower and closing the day below its 20EMA. Support will first lie at $263, followed by the 200SMA at $260.92, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at pivots at the critical pivots of $267 and $270 which also coincides with the 100SMA, then $273, $275.5, $280, $284.10, and all time highs at $286.63.
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**
STX, CGNX, SHOP, TPR
Economic Calendar
8:55 Redbook
10:00 ISM Manufacturing Index
Notable Earnings Before Open
Pfizer (PFE) – EPS Est. $0.74
Merck (MRK) – EPS Est. $0.99
Seagate Technology (STX) – EPS Est. $1.36
Shopify (SHOP) – EPS Est. $-0.23
Notable Earnings After Close
Apple (AAPL) – EPS Est. $2.69
Gilead Sciences (GILD) – EPS Est. $1.65
