Friday June 3, 2016
Economic Calendar & Watch Lists 6/3/2016
Morning Notes
US Futures are relatively flat this morning as the market awaits the payroll data which will provide more insight into the strength of the U.S. economy. European gains were limited after Eurozone retail sales for April were weaker than expected. Asian stocks closed mostly higher.
Technicals
The SPY continued its move higher in yesterday’s session, pivoting higher off the former macro resistance and closed out just off the highs. Support will lie at the former macro resistance at $209.30, followed closely by the low of yesterday’s range at $209.24, and then $208.89. Resistance will lie at the high of yesterday’s range at $210.93, followed by 211.66 and $211.77.
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**
$AMBA
$AVGO
Economic Calendar
8:30 May non-farm payrolls expected +160,000, Apr +160,000
8:30 May avg hourly earnings expected +0.2% m/m and +2.5% y/y
8:30 Apr trade deficit expected -$41.0B
8:30 USDA weekly Export Sales
9:45 Revised May Markit services PMI expected +0.2 to 51.4
10:00 Apr factory orders expected +1.9%
10:00 May ISM non-manufacturing index expected -0.4 to 55.3
12:30 Fed Governor Lael Brainard speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
June 3rd Swing Watch List
$RGLS – Long entry over 6.25, stop 6.00. Target is 6.70 and then 7.00.
$BIOS – Long entry over 2.87, stop 2.72. Target is 3.10, then 3.40.
$ONDK – Long entry over 5.31, stop 5.00. Target is 5.80, then 6.00.
$LILAK – Short entry under 40.15, add spot 39.99, stop will be 41. Target is 38.45, then 38.00.
