Friday May 24, 2019
Economic Calendar & Watch List
US Futures are and European markets are higher in early trading. Global markets are finding some relief this morning following a rather tumultuous week. In European news, PM May has announced she will be resigning from her position before Brexit has been completed. A drop in crude oil prices is putting pressure on gains as a potential for decreased demand from slowing global growth. Asian markets settled the session mostly higher. As a reminder US Markets will be closed on Monday for Memorial Day.
The SPY continued to remain under pressure in yesterday’s session finding support at the $281.2 pivot area. Support will first be found at $281.20, $280, the 200SMA at $277.40, and $275.50. Resistance first lies at the gap entry of $283.21, gap fill at $285.10, then the 20EMA at $286.68, $289.4, $293.2, and all time highs of $294.95
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**
8:30 Durable Goods Orders
Notable Earnings Before Open
Foot Locker (FL) – EPS Est. $1.61
Notable Earnings After Close