Friday May 31, 2019
Economic Calendar & Watch List
US Futures and European markets are lower in early trading. Global markets are sharply lower following Pres. Trump announcing imposing tariffs on Mexico until they crack down on the wave of illegal immigration coming through their country. Weak earnings from retailers, a decline in crude oil prices, and global economic uncertainty remain pressures on markets. Asian markets settled the session lower.
The SPY consolidated around its 100SMA in yesterday’s session following the recent selloff. This morning we are gapping lower following the Mexico tariff news. Support will first be found at $275.50, then $272.50. Resistance first lies at the 200SMA at $277.30, then 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**
8:30 Personal Income and Outlays
9:15 Fed Pres. Bostic Speaks
9:45 Chicago PMI
10:00 Consumer Sentiment
12:00 Fed Pres. Williams Speaks
Notable Earnings Before Open
Big Lots (BIG) – EPS Est. $0.69
Notable Earnings After Close