Tuesday June 4, 2019
Economic Calendar & Watch List
Morning Notes
US Futures and European markets are higher in early trading. In yesterday’s session Fed Pres. Bullard commented that the Fed could lower rates in the near future which sent stocks initially higher. There is carryover from that in this morning session. Investors eyes will be on Fed Chair Powell speaking this morning for more insight into rate activity. The tech sector is falling under pressure with the DOJ and FTC looking into the tech giants (FB, AAPL, GOOGL, AMZN) potential abuses of power in regard to competition. Asian markets settled the session mostly higher.
Technicals
The SPY consolidated around the $275.5 pivot in yesterday’s session and again closed below the level. Support will first be found at $275.50, then $272.50, $270, $268. Resistance first lies at the 200SMA at $277.22, then the 100SMA at $279.51, $281.2, then the 20EMA at $282.71.
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**
BOX, AMD
Economic Calendar
7:00 Fed Pres. Evans Speaks
8:30 Fed Pres. Williams Speaks
9:45 Fed Pres. Evans Speaks
9:55 Fed Chair Powell Speaks
3:45 Fed Pres. Brainard Speaks
6:45 Fed Pres. Kaplans Speaks
Notable Earnings Before Open
Tiffany & Co. (TIF) – EPS Est. $1.01
Notable Earnings After Close
Salesforce (CRM) – EPS Est. $0.61
GameStop (GME) – EPS Est. $-0.02
