Monday May 1, 2017
Economic Calendar & Watch List
US Futures are pointing to a slightly higher open this morning as the government shut down will be avoided at least in the near term after a tentative agreement was reached with congress. European and Asian markets are closed today in observance of the Labor Day holiday.
The SPY drifted lower throughout Friday’s session, closing out on the lows. Support will lie at low of Friday’s range at $237.93, followed by $237.81, $237.41, $236.61, the recent pivot point at $236.30, then the former descending resistance which also coincides with both the 20EMA and 50SMA at $236.10, providing a strong support level. Resistance will lie at the high of Friday’s range at $238.93, followed by $239.53, $239.57, 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 March personal spending expected +0.2%
8:30 March personal income expected +0.3%
8:30 March PCE deflator expected -0.2%
9:45 Revised Apr Markit manufacturing PMI
10:00 April ISM manufacturing index expected -0.7 to 56.5
10:00 March construction spending expected +0.4%
Notable Earnings Before Open
Cardinal Health (CAH) – EPS Est. $1.46
DISH Network (DISH) – EPS Est. $0.69
Diamond Offshore Drilling (DO) – EPS Est. $0.12
Loews Corp. (L) – EPS Est. $0.65
Notable Earnings After Close
Advanced Micro Devices (AMD) – EPS Est. -$0.04
Tenet Healthcare (THC) – EPS Est. -$0.51