Tuesday May 7, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are lower in early trading. Markets remain under pressure following the tariff comments from Pres. Trump over the weekend. Investors will be watching for any news to come out of the upcoming negotiations between the US and China with the proposed friday tariff hike looming. Asian markets settled the session mixed.
Technicals
The SPY gapped sharply lower to start yesterday’s session testing and holding the $289.5 pivot then recovered the 20EMA and closed near the $293 pivot area. This morning we are looking to gap lower again at the 20EMA. Support will first be found at 20EMA of $290.68, $289.4, then $287.1, $286.6, $281.2, and the 200SMA at $277.03. Resistance lies at $293.2, and all time highs of $294.95
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**
AIG, XENT, MYL
Economic Calendar
7:00 Fed Pres. Kaplan Speaks
10:00 JOLTS Report
Notable Earnings Before Open
Allergen (AGN) – EPS Est. $3.55
Lumentum Holdings (LITE) – EPS Est. $0.85
Mylan (MYL) – EPS Est. $0.79
Notable Earnings After Close
Electronic Arts (EA) – EPS Est. $0.96
Match Group (MTCH) – EPS Est. $0.32
ADT (ADT) – EPS Est. $0.31
TripAdvisor (TRIP) – EPS Est. $0.31
