Thursday May 30, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are higher in early trading. Investors still remain cautious with the ongoing trade war between China and the US. Signs are pointing to a prolonged fight as China announced in their state controlled news paper that they do have countermeasures they could use if needed. Eyes are on retailers as they continue to report earnings and investors watch to see how the trade war impacts their bottom line and future guidance. Asian markets settled the session mostly lower.
Technicals
The SPY remained weak in yesterday’s session trading between its 100 and 200 daily moving averages. Support will first be found at the 200SMA at $277.32, followed by $275.50 and $272.50. Resistance first lies at the 100SMA at $278.85, followed by $281.2, $284.21, $285.1, then the 20EMA at $285.01, $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**
PANW, PVH
Economic Calendar
8:30 GDP, exp. 3.0%
8:30 Weekly Unemployment Data, exp. 215k
8:30 International Trade In Goods
11:00 Weekly EIA Petroleum Status Report
12:00 Fed Pres. Clarida Speaks
Notable Earnings Before Open
Dollar General (DG) – EPS Est. $1.39
Dollar Tree Stores (DLTR) – EPS Est. $1.15
Burlington Stores (BURL) – EPS Est. $1.26
Notable Earnings After Close
ULTA Beauty (ULTA) – EPS Est. $3.06
VMware (VMW) – EPS Est. $1.28
Williams-Sonoma (WSM) – EPS Est. $0.68