Thursday June 8, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are are pointing to a slightly higher open while European stocks are trading higher by over +.60% after Eurozone Q1 GDP was revised higher for the quickest pace of expansion in 2 years. Markets await the testimony from former FBI Director Comey to Congress as well as the ECB press conference with President Mario Draghi. Asian stocks closed mostly mixed.
Technicals
The SPY consolidated throughout yesterday’s session after pulling off the record highs posted earlier in the week. Support will lie at the low of yesterday’s range at $242.83, followed by $241.64, the 20 EMA at $241.10, the near term support pivot at $240.65, then $239.93, $239.51, $238.82, and the 50 SMA at $238.13. Resistance will lie at the high of yesterday’s range at $243.92, followed by $243.98, $244.30, and the record highs at $244.35.
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**
$YHOO
$BABA
Economic Calendar
8:30 Weekly initial unemployment claims expected -8,000 to 240K
8:30 USDA weekly Export Sales
Notable Earnings Before Open
Smucker JM (SJM) – EPS Est. 1.73
Notable Earnings After Close
Verifone Systems (PAY) – EPS Est. 0.23
