Friday June 23, 2017
Economic Calendar & Watch List
Morning Notes
US stock futures are opening near flat this morning. Bank stocks have been holding up the market as the Fed said that its stress test showed 34 banks exceeded minimum requirements. Crude has a slight gain this morning and is lifting energy stocks. European stocks fall and Asian markets finished the session mixed with global data and oil prices stabilizing.
Technicals
The SPY consolidated further throughout yesterday’s session for the third consecutive day while while testing the 20 EMA and closing back above yet again. Support will lie at the 20 EMA at $242.64 which coincides with the low of yesterday’s range, followed by $242.41 $241.63, the near term support pivot at $240.65, then by $239.93, $239.51, $238.82, and the 50 SMA at $239.93. Resistance will lie at the high of yesterday’s range at $243.53, followed by $243.59, $244.26, $244.73, $244.87, and 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**
$BBBY
Economic Calendar
9:45 June Markit manufacturing PMI expected +0.3 to 53
10:00 May new home sales expected +3.7% to 590K
12:40 Cleveland Fed President Loretta Mester
2:15 Fed Governor Jerome Powell speaks
1:00 Baker Hughes rig count
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
