Wednesday May 24, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are relatively flat this morning while European stocks trade lower after comments from the ECB warned of financial stability risks. The price of crude oil is edging higher again this morning, touching one month highs, after stockpiles fell for the week.
Technicals
The SPY edged higher throughout yesterday’s session, approaching record highs. Support will lie at the low of yesterday’s range at $239.51, followed by $238.82, the 20 EMA at $238.36, then $237.27, the 50 SMA at $236.78, then $235.43, $235.31, and the former descending resistance at $234.45. Resistance will lie at the high of yesterday’s range at $240.24, followed by record highs at $240.67.
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**
$TIF
$DY
Economic Calendar
9:00 March FHFA house price index expected +0.5%
9:45 May Markit manufacturing PMI, May Markit services PMI
10:00 April existing home sales expected -1.1% to 5.65M
10:30 EIA Weekly Petroleum Status Report
2:00 FOMC Minutes
Notable Earnings Before Open
Advance Auto Parts (AAP) – EPS Est. 2.12
Lowes Co (LOW) – EPS Est. 1.07
Tiffany & Co (TIF) – EPS Est. 0.70
Notable Earnings After Close
Guess Inc (GES) – EPS Est. -0.31
HP Inc (HPQ) – EPS Est. 0.39
Netapp (NTAP) – EPS Est. 0.68
Williams Sonoma (WSM) – EPS Est. 0.48
