Morning Notes
US Futures are tracking slightly higher this morning while European stocks also edge higher and trade into the positive. A positive headline for US Banks occurred yesterday as the US House would repeal many of the Dodd Frank regulations which means less supervision if higher deposits on hand. Asian stocks closed predominantly higher.
Technicals
The SPY (NYSE:SPY) tested all time highs throughout yesterday’s session and put in even more heavy resistance near these best levels. Support will lie at the low of yesterday’s range at $243.17, followed by $242.83, $241.64, the 20 EMA at $241.34, the near term support pivot at $240.65, then $239.93, $239.51, $238.82, and the 50 SMA at $238.30. Heavy resistance will lie within a tight zone at the record highs from $244.30 – $244.35.
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**
Yahoo! Inc (NASDAQ:YHOO)
Economic Calendar
10:00 April wholesale trade sales expected +0.2%
12:00 USDA June WASDE crop production
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE