Thursday May 3, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are flat and European shares slightly lower in early trading. Markets remain weak amid some good earnings results. European shares are down with deflation concerns as Eurozone CPI rose at the lowest rate in a year. Asian markets settled the session mixed.
Technicals
The SPY traded in a tight range in yesterday’s session until the FOMC minutes were released when it rose to test its 20EMA and failed, falling down through the $263 pivot. Support will first lie at 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 $263 pivot, followed by the 20EMA at $265.52, then 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**
TSLA, NXPI
Economic Calendar
8:30 International Trade
8:30 Weekly Unemployment Claims, expected 220k
Notable Earnings Before Open
Cigna (CI) – EPS Est. $3.37
Notable Earnings After Close
Activision Blizzard (ATVI) – EPS Est. $0.30
CBS Corporation (CBS) – EPS Est. $1.19
Arista Networks (ANET) – EPS Est. $1.32
