Thursday June 7, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are higher in early trading. Global markets continue to see strength ahead of the G7 summit. European gains were limited as Germany posted an unexpected drop in factory orders for the 4th consecutive month. Asian markets were mostly higher on the session.
Technicals
The SPY continued its breakout in yesterday’s session after breaking over the recent consolidation highs on Monday. Support will first lie at the $275.5 pivot, followed by the $274 swing high pivot area, then the 20EMA at $272.19, the 100SMA at 270.70, then pivots at $270, $267 and $265. It continues at the 200SMA at $264.11, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $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**
LRCX, FIVE, SJM, CONN
Economic Calendar
8:30 Weekly Unemployment Report, expected 225k
10:00 JOLTS Report
Notable Earnings Before Open
J.M. Smucker (SJM) – EPS Est. $2.18
Conn’s (CONN) – EPS Est. $0.26
Notable Earnings After Close
Broadcom (AVGO) – EPS Est. $4.75
