Monday, May 4, 2020
Economic Calendar & Watch List
US Futures and European markets are lower in early trading. A rise in tensions between China and the US is making investors a little uneasy. Pres. Trump stated overnight that tariffs would be the “ultimate punishment” for China’s handling of the outbreak. Asian stocks settled the session mostly lower.
The SPY exhibited weakness in Friday’s session dropping to the $281.5 area where it closed the day. Support will first be found at the 20EMA at $279.30, $275.52, $271.3, $256.35, $247.68, followed by $242.21, $233.76, $228.02, and $218.26. Resistance will be found at ascending resistance at $281.5, $288, gap fill at $290.23, and the 200SMA at $300.08.
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**
10:00 Factory Orders
Notable Earnings Before Open
Tyson Foods (TSN) – EPS Est. $1.22
Notable Earnings After Close
XPO Logistics (XPO) – EPS Est. $0.50