Morning Notes
US Futures are tracking slightly higher this morning led by strength in energy producing stocks as the price of crude trades higher by +.60%. European stocks are trading higher ahead of Sunday’s second round of elections where candidate Macron is expected to make a strong push. Asian stocks closed mostly mixed.
Technicals
The SPY (NYSE:SPY) tested the 20 EMA on weakness early in yesterday’s session then edged back higher throughout the remainder of the day to close out just off the intraday highs. Support will lie at the low of yesterday’s range at $242.36, followed closely by the 20 EMA at $242.31, $241.95, $241.64, the near term support pivot at $240.65, then $239.93, $239.51, $238.82, and the 50 SMA at $239.12. Resistance will lie at the high of yesterday’s range at $243.91, followed by $244.87, and the record highs at $245.01.
Small Cap Watch List
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**Others On Watch**
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Economic Calendar
8:30 May housing starts expected +3.9%
8:30 May building permits expected +1.7%
10:00 Preliminary June University of Michigan U.S. consumer sentiment expected -0.1
12:45 Dallas Fed President Robert Kaplan speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE