Wednesday May 2, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European shares are higher this morning. Strong earnings from AAPL are trying to boost the tech sector. investors are waiting to hear from the FOMC on the pace of interest rate hikes and that is holding back gains. European shares are higher on better than expected Markit PMI revisions. Asian markets settled mostly lower for the day.
Technicals
The SPY started yesterday’s session weak, but rallied late into the afternoon to close the day positive. Support will first lie at the $263 pivot, followed by the 200SMA at $261.02, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at the 20EMA at $265.76, followed by 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**
AAPL, ESPR, GILD
Economic Calendar
10:30 EIA Petroleum Status Report
2:00 FOMC Meeting Announcement
Notable Earnings Before Open
Mastercard (MA) – EPS Est. $1.26
CVS Health (CVS) – EPS Est. $1.40
Automatic Data Processing (ADP) – EPS Est. $1.44
Wayfair (W) – EPS Est. $-1.16
Notable Earnings After Close
Tesla (TSLA) – EPS Est. $-4.45
Square (SQ) – EPS Est. $-0.04
Kraft Heinz Company (KHC) – EPS Est. $0.82
