Thursday May 31, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are flat this morning in early trading. Markets are calm as investors wait on decisions from the US on tariff exemptions and the latest unemployment numbers. Political uncertainty still surrounds Italy and that is limiting gains in European markets. Asian markets settled higher with unexpected strength being shown in the Chinese manufacturing PMI.
Technicals
The SPY tested and held its 20EMA and 100SMA support levels in yesterday’s session ending the day near the $273 pivot area. Support will first lie at the 100SMA at 270.70, followed by the 20EMA at $270.58 and the $270 pivot, then the $267 pivot, $265. It continues at the 200SMA at $263.38, 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**
DG, DLTR
Economic Calendar
8:30 Weekly Unemployment Claims, expected 224k
9:45 Chicago PMI
11:30 EIA Petroleum Status Report
12:30 Fed Pres. Bostic Speaks
1:00 Fed Pres. Brainard Speaks
8:30 Fed Pres. Kaplan Speaks
Notable Earnings Before Open
Dollar General (DG) – EPS Est. $1.40
Dollar Tree (DLTR) – EPS Est. $1.23
Burlington Stores (BURL) – EPS Est. $1.09
Notable Earnings After Close
Costco Wholesale (COST) – EPS Est. $1.68
Vmware (VMW) – EPS Est. $0.79
Workday (WDAY) – EPS Est. $-0.31
Ulta Beauty (ULTA) – EPS Est. $2.48
lululemon athletica (LULU) – EPS Est. $0.46
