Tuesday June 21, 2016
Economic Calendar & Watch Lists 6/21/2016
US Futures are slightly higher this morning along with Europe trading at weekly highs ahead of Fed Chair Yellen’s testimony to the senate banking committee and ECB President Draghi’s speech to parliament. Asian stocks closed mixed across the board.
The SPY retraced a portion of Monday’s sharp gap higher closing just below the 50 day SMA. Support will lie at the low of yesterday’s range at $207.75, followed by $207.20 and the critical support pivot at $207. Resistance will lie at the macro resistance trendline at $209, followed by the high of yesterday’s range at $209.61, $210.37, and $210.86.
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 Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee
1:00 Treasury auctions $34 billion of 5-year T-notes
Notable Earnings Before Open
LEN: Lennar – EPS Est. $.87, Rev Est. $N/A
KMX: Carmax – EPS Est. $.92, Rev Est. $4.2B
Notable Earnings After Close
FDX: Fedex – EPS Est. $3.26, Rev Est. $12.78B
ADBE: Adobe – EPS Est. $.68, Rev Est. $1.4B
CCL: Carnival Cruise Lines – EPS Est. $.39, Rev Est. $3.68B
June 21st Swing Watch List
$S – Long entry is over 3.91, add spot over 4.00. Stop is 3.75. Target is 4.20, then 4.40.
$TMST – Long entry over 10.41, stop 10.40. Add spot over 10.77. Target is 11.10, then 11.75.
$CCOI – On short watch. Short entry below 39.74, stop 40.60. Target is 39.00