Tuesday May 24, 2016
Economic Calendar & Watch Lists 5/24/2016
Morning Notes
US Futures are modestly higher this morning while European stocks trade sharply higher by over +1.3% after German investment numbers came in at the highest in over 2 years. Asian stocks closed mostly lower.
Technicals
The SPY traded a very range bound, low volume session yesterday and closed back below the support pivot at $205.25. Support will lie at the high of yesterday’s range at $205.84, followed by the critical support pivot at $205.35, and then the low of yesterday’s range at $204.99. Resistance will lie at the 50 day SMA at $205.99, followed by $206.10, $206.30, and $206.80.
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**
$NFLX
$BBY
$FB
Economic Calendar
10:00 Apr new home sales expected +2.2% to 522,000
10:00 May Richmond Fed manufacturing index expected -6 to 8
1:00 Treasury auctions $26 billion of 2-year T-notes
Notable Earnings Before Open
AZO: AutoZone – EPS Est. $10.96, Rev Est. $2.65B
BBY: Best Buy – EPS Est. $.35, Rev Est. $8.29B
Notable Earnings After Close
INTU: Intuit – EPS Est. $3.20, Rev Est. $2.25B
