Morning Notes
US stock futures point higher this morning along with European shares as a rebound in tech stocks boost the overall market. This after a steep selloff in tech stocks pulled heavy on the markets and spilled into the broader markets on Thursday. Asian stocks settled mostly down.
Technicals
The SPY (NYSE:SPY) sold off on accelerated volume throughout yesterday’s session testing the 50 SMA and the near term support pivot. Support will lie at the 50 SMA at $240.81 followed by the near term support pivot at $240.65, then the low of yesterday’s range at $239.96, continued with $239.93, $239.51, $238.82 and the 100 SMA at 238.07. Resistance will lie at the high of yesterday’s range at $243.72, followed by $244.38, $244.73, $244.87, and the record highs at $245.01.
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**
Hain (NASDAQ:HAIN)
Economic Calendar
0830 ET May personal spending expected +0.1%
0945 ET Jun Chicago PMI expected -1.4 to 58
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE