Thursday May 11, 2017
Economic Calendar & Watch List
US Futures are modestly lower this morning ahead of the weekly initial jobless claims report while European stocks also trade lower after the Bank of England (BOE) slashed its GDP estimate for the UK but kept the benchmark interest rate the same at 0.25%. Asian stocks closed mostly higher.
The SPY traded on an inside day throughout yesterday’s session as consolidation at higher price levels take place. Support will lie at the low of yesterday’s range at $239.15, followed by $239.04, $238.68, gap entry at $237.81, the 20EMA at $237.78, gap fill at $237.41, then the beginning of a secondary gap at $236.61, which also coincides with the 50SMA, and finally the recent pivot point at $236.30. Resistance will lie at the high of yesterday’s range at $239.87, followed by $240.19, and record highs at $240.32.
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**
8:30 Weekly initial unemployment claims expected +7,000 to 245K
8:30 Weekly continuing claims expected +16,000 to 1.98M
8:30 April PPI final demand expected +0.2%
8:30 USDA weekly Export Sales
1:00 Treasury auction
Notable Earnings Before Open
Kohls (KSS) – EPS Est. 0.27
Macys (M) – EPS Est. 0.35
Notable Earnings After Close
Nordstrom (JWN) – EPS Est. 0.27