Friday May 27, 2016
Economic Calendar & Watch Lists 5/27/2016
Morning Notes
US Futures are just slightly higher along with European stocks this morning into the holiday weekend with markets closed Monday. Later today, Fed chair Janet Yellen will be giving a speech which may hint further as to the timing of imminent rate hikes. Asian stocks closed predominantly higher.
Technicals
The SPY attempted to push higher in yesterday’s session but it again struggled to move through the macro descending resistance level. Support will lie at the low of yesterday’s candle at $208.97, followed by the low Wednesday at $207.87. Resistance will lie at the high of yesterday’s range at $209.71, followed closely by $209.77 and $210.25.
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**
$PANW
$ULTA
$RLYP
Economic Calendar
8:30 Revised Q1 GDP expected +0.9% q/q annualized, previous +0.5%
10:00 Final-May University of Michigan U.S. consumer sentiment index expected -0.4 to 95.4
1:15 Fed Chair Yellen will speak
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
May 27th Swing Watch List
$FRPT – This low volume up trender is about ready to breakout over its 200 EMA. Looking for a long entry over 9.50, stop 9.10. Target is 10.80.
$CPSI – Short watch for a bear flag breakdown. Short entry is under 41.00, stop 42. Target is 39.50 and then 39.
