Thursday May 17, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are slightly lower this morning. Investors are waiting to see the outcome of today’s trade summit with China. European markets are on edge with political tensions that continue in Italy, which is spooking investors. Asian markets closed mixed on the session.
Technicals
The SPY melted higher in yesterday’s session, continuing its daily consolidation around the $273 pivot. Support will first lie at the confluence of the 100SMA at 270.41 and the $270 pivot, followed by the 20EMA at $268.79 and the $267 pivot, then $265, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $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**
WMT
Economic Calendar
8:30 Philadelphia Fed Business Outlook Survey
8:30 Weekly Unemployment Claims, expected 217k
10:45 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
Walmart (WMT) – EPS Est. $1.13
Notable Earnings After Close
Nordstrom (JWN) – EPS Est. $0.42