Friday May 26, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking just slightly lower this morning as the market comes off a sharp rally to new record highs. European stocks are trading modestly lower on weakness in automakers after President Trump had held meetings where he commented that German automakers were selling too many automobiles in the US, creating a trade surplus which is affecting the US economy. Asian stocks closed mostly mixed.
Technicals
The SPY traded in new record high territory throughout yesterday’s session after a over a week long rally. Support will lie at the low of yesterday’s range at $240.96, followed by $240.73, $239.93, $239.51, the 20 EMA at $238.86, then $238.82, $237.27, and the 50 SMA at $236.78 Resistance will lie only at the high of yesterday’s range at $242.08.
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**
$GME
$SPLK
$NTNX
Economic Calendar
8:30 Revised Q1 GDP expected +0.9%, Q1 personal consumption expected +0.4%
8:30 Q1 core PCE deflator expected unrevised at +2.0%
8:30 April durable goods orders expected -1.5%
10:00 Revised May University of Michigan U.S. consumer sentiment expected -0.2
Notable Earnings Before Open
Big Lots (BIG) – consensus EPS 1.00
Notable Earnings After Close
NONE
