Friday May 4, 2018
Economic Calendar & Watch List
US Futures are under pressure ahead of this morning’s monthly payrolls report. Also notable, the recent 2 day long discussions with China in attempt to settle trade differences without any significant resolution. European stocks are trading slightly higher on positive comments from the ECB while Asian markets closed predominantly lower.
The SPY was weak starting off yesterday’s session testing and failing its 200SMA support and falling down to ascending support that lies roughly around $259.5. It then rallied back up through its 200SMA to settle green encountering resistance at the $263 resistance. Support will first lie at the 200SMA at $261.19, then yesterday’s low of $259.05 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 $265.24, 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.
**Others On Watch**
8:30 Employment Situation
12:45 Fed Pres. Dudley Speaks
Notable Earnings Before Open
Alibaba (BABA) – EPS Est. $0.70
Celgene (CELG) – EPS Est. $1.78
Notable Earnings After Close