Morning Notes
US Futures are slightly lower this morning, while European stocks trade lower by over -1% as new fears arise regarding the state of the global economy after Eurozone May markit PMI came in lower than expected. Asian markets closed mixed.
Technicals
The SPDR S&P 500 (NYSE:SPY) closed back above the critical support pivot that lies at $205.25 to close out Friday’s session. Support will lie at the low of Friday’s range at $204.86, followed by $204.54 and $202.78. Resistance will lie at the resistance pivot at $205.25, followed by the 50 day SMA at $205.95, Friday’s high at $206.10, then $206.30, $206.80, and finally the upper resistance pivot at $207.
Small Cap Watch List
Valeant Pharmaceuticals (NYSE:VRX)
Economic Calendar
8:00 San Francisco Fed President John Williams speaks
9:45 Prelim-May Markit manufacturing PMI expected +0.2 to 51.0
11:00 USDA weekly grain export inspections
3:00 USDA Apr Cold Storage
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE