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Market Lab Report - After the Open 2/16/17

Published : February 16 2017 at 9:36 ET

Major averages rose on higher volume closing near the top of their trading ranges. The gap between them and their 10-day moving averages is widening thus some consolidation could be expected sooner than later.

Focus List Notes

AMZN is within very close range of breaking out of a cup-with-handle base.
BABA posted a supporting type of pocket pivot yesterday although it did close down 4 cents, just missing a bona fide pocket pivot.
CUDA found support at its 20-dema and is in a lower-risk entry position.
FB found support at its 10-dma on very light volume which is very constructive.
FTNT is holding in a tight flag formation just above its 10-day moving average as volume dries up sharply.
NFLX found support yesterday at its 20-dema but volume was light after failing Tuesday on last week's pocket pivot.
NVDA is attempting to hold support at its 10-week moving average on the weekly chart. Selling volume has dissipated, which could imply that a reaction bounce is at hand.
QTNA posted a mini-buyable gap-up on Tuesday after earnings and is holding tight. The low of Tuesday can be used as a tight selling guide.
TTD broke out of an IPO base on Tuesday on heavy volume but ran into overhead supply along the highs of the base. It then broke out again yesterday on light volume.
TWLO is holding tight on very light volume after posting several bottom-fishing pocket pivots and weathering an IPO lock-up expiration.
VEEV is holding tight along its 10-dma and 20-dema ahead of earnings on February 28th.
X is within buying range of Monday's base breakout, but pullbacks towards the top of the base at around 37.50 would offer lower-risk entry opportunities.


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