Wednesday June 14, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking slightly higher while European stocks also trade higher by over +0.8% as the rebound in tech stocks continue. Global economic optimism jumps after the IMF boosted its GDP forecast for China in 2017. The price of crude oil slipped -1% after API data showed a build in yesterday’s report. Asian stocks closed mostly lower.
Technicals
The SPY edged higher throughout yesterday’s session approaching recent record highs. Support will lie at the low of yesterday’s range at $243.58, followed by $243.42, $242.38, and $241.95 which coincides with the 20 EMA. Support continues at $241.64, the near term support pivot at $240.65, then $239.93, $239.51, $238.82, and the 50 SMA at $238.78. Resistance will lie at the high of yesterday’s range at $244.61, followed by the record highs at $245.01.
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
$HRB
Economic Calendar
8:30 May CPI expected unchanged
8:30 May retail sales expected +0.1%
10:00 April business inventories expected -0.1%
10:30 EIA Weekly Petroleum Status Report
2:00 FOMC announces interest rate decision, .25% hike expected
Notable Earnings Before Open
NONE
Notable Earnings After Close
Jabil Circuit (JBL) – EPS Est. 0.22
