Friday May 25, 2018
Economic Calendar & Watch List
US Futures and European shares are slightly higher in early trading. Markets dropped in yesterday’s session after Pres. Trump formally announced the canceling of the upcoming North Korea summit. Loses were parred into the afternoon and point higher this morning as North Korea said it still desired a meeting with the US. European gains were limited as new geopolitical conflict arose in Spain with a potential no confidence vote in the government. Asian markets settled mixed to end the week.
The SPY drifted lower in the morning and encountered support at the 100SMA and climbed its way back in the afternoon to continue its consolidation pattern. Support will first lie at the 100SMA at 270.67, followed by the 20EMA at $270.34 and the $270 pivot, then the $267 pivot, $265. It continues at the 200SMA at $262.99, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $273, $275.5, $280, $284.10, and all time highs at $286.63.
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**
9:20 Fed Chair Powell Speaks
11:45 Fed Pres. Evans, Bostic and Kaplan Speak
Notable Earnings Before Open
Footlocker (FL) – EPS Est. $1.25
Notable Earnings After Close