Tuesday May 23, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking slightly higher this morning while European stocks are also trading higher on improved outlooks for economic strength in the Eurozone after Eurozone manufacturing PMI rose at the fastest pace since early 2014. Asian stocks closed mostly mixed.
Technicals
The SPY continued its rebound higher after reclaiming its 20 EMA throughout Friday’s session, edging back near record highs. Support will lie at the low of yesterday’s range at $238.82, followed by $237.27, the 50 SMA at $236.73, then $235.43, $235.31, and the former descending resistance at $234.55. Resistance will lie at the high of yesterday’s range at $239.71, followed by record highs at $240.67.
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**
$ALXN
Economic Calendar
9:00 Minneapolis Fed President Neel Kashkari speaks
9:45 May Markit manufacturing PMI expected +0.3
10:00 April new home sales expected -1.8%
10:00 May Richmond Fed manufacturing index expected -5
3:15 Minneapolis Fed President Neel Kashkari speaks
5:00 Philadelphia Fed President Patrick Harker speaks
Notable Earnings Before Open
Autozone (AZO) – EPS Est. 12.00
Dsw Inc (DSW) – EPS Est. 0.33
Toll Brothers (TOL) – EPS Est. 0.62
Notable Earnings After Close
Take Two Interactive (TTWO) – EPS Est 0.47