Economic Calendar & Watch List
Morning Notes
US Futures are drifting slightly lower this morning along with European stocks as energy prices weigh on the broader markets. The price of crude is lower by -0.75% after comments out of Goldman Sachs regarding the production cuts of OPEC are not enough of a measure taken to solve the global oil surplus. Asian stocks closed mostly mixed.
Technicals
The SPY (NYSE:SPY) closed at the 20 EMA after drifting back off intraday highs during yesterday’s session. Support will lie first at the low of yesterday’s range at $241.76, followed by the 50 SMA at $241.39, then the near term support pivot at $240.65, continued with $240.56, $240.34, $239.96, $239.51, $238.82 and the 100 SMA at $238.72. Resistance will lie at the the high of yesterday’s range at $242.80, then $243.01, $243.38, $243.72, $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**
Arena Pharmaceuticals Inc (NASDAQ:ARNA)
Shire plc (NASDAQ:SHPG)
Economic Calendar
10:00 May JOLTS job openings expected -119,000 to 5.925M
10:00 Final-May wholesale inventories expected unrevised
12:30 Fed Governor Lael Brainard speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE