Monday May 7, 2018
Economic Calendar & Watch List
Morning Notes
US Futures are higher and European shares are flat in early trading. A jump in crude prices to over a 3 year high is helping push global markets higher. This is due to investors being concerned that Pres. Trump may pull out of the Iran deal and reinstate sanctions, pulling their oil supply off the market. European gains were limited with German factory orders taking an unexpected drop.Asian markets closed mostly mixed to start the week.
Technicals
The SPY was strong in Friday’s session, bouncing off its 200SMA and closing the day above its 20EMA . Support will first lie at the 200SMA at $261.29, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie 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**
TSEM
Economic Calendar
2:00 Fed Pres. Barkin Speaks
3:30 Fed Pres. Kaplan Speaks
3:30 Fed Pres. Evans Speaks
Notable Earnings Before Open
Sysco (SYY) – EPS Est. $0.64
Tyson Foods (TSN) – EPS Est. $1.37
Notable Earnings After Close
NONE
