Wednesday June 29, 2016
Economic Calendar & Watch Lists 6/29/2016
Morning Notes
US Futures are tracking higher again this morning while European stocks surge by well over +2% as the Brexit aftermath subsides. Asian markets also closed on strength led by Japan’s Nikkei closing higher by +243 points.
Technicals
The SPY surged higher in yesterday’s session and closed back over its 200 day moving average. The SPY is gapping higher again in the premarket and support will lie at the high of yesterday’s range at $203.23, followed by the 200 day moving average at $202.18, the low of yesterday’s range at $201.12, and the lower critical support pivot at $200.05. Resistance will lie at the mid range resistance pivot at $205.25, followed by the high of Friday’s range at $206.91, and then the upper range resistance pivot at $207.
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**
$NKE
$TSRO
Economic Calendar
8:30 May Personal Income Est. 0.3%
8:30 May Personal Spending Est. 0.4%
8:30 May PCE Deflator Est. 0.2%
8:30 May PCE Core Est. 0.2%
10:00 May Pending Home Sales Est. (-1.1%)
10:30 Weekly DOE Inventory Data
Notable Earnings Before Open
GIS: General Mills – EPS Est. $.60, Rev Est. $3.86B
MON: Monsanto – EPS Est. $2.41, Rev Est. $4.49B
Notable Earnings After Close
NONE
June 29th Swing Watch List
$NVAX – Holding up while peers have been selling off and testing resistance while maintaining EMA support. Long entry over 7.00, stop 6.70. Target is 7.60.
$TSRO – On short watch for a breakdown under 36.50. Target is 33.50. Stop will be 38.00.
