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Market Lab Report - After the Open 3/16/17

Published : March 16 2017 at 9:45 ET

Major markets were up yesterday on higher, above average volume showing that institutions were accumulating stock. The Fed's announcement was taken as bullish for the markets overall, though bonds and gold seemed unconvinced.

As expected, the Fed raised its target rate by a quarter point to a range of 0.75% to 1%, and said it continues to expect gradual rate hikes over the next few years until the federal funds rate hits 3%. The Fed stuck to its projection for three hikes this year, relieving the concerns of investors who feared that the central bank may lay the groundwork for four.

The Fed said “the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace” and that inflation is “close” to the Fed’s 2% target.

Today's economic reports came in roughly on track with estimates.

Focus List Review

AMZN is showing extremely tight action on its weekly chart for the past four weeks. This would seem to imply that a move higher is imminent, and the stock is in a low-risk entry point here right at its prior February base breakout point.

BABA found support at its 20-dema. It has been a more effective approach to buy BABA on pullbacks into support rather than chasing strength such as we saw on Monday when the stock posted a pocket pivot that immediately failed.

FB posted a continuation pocket pivot along its 10-day moving average.

JD is holding tight along its 10-dma as volume dries up sharply, putting it in a lower-risk entry position here.

NFLX posted its second five-day pocket pivot over the past three days on a breakout attempt to all-time closing highs yesterday.

NTES closed ten cents below its 20-dema, putting it in a compromised position. It is still above the 278.80 intraday low of its February buyable gap-up move, and this would serve as a maximum downside selling guide.

QTNA is meeting up with its 10-dma as volume came in at -51% below average yesterday, well into "voodoo" volume levels.

SQ is holding in a tight flag formation since its February buyable gap-up and is sitting right on top of its 10-dma, putting it in a lower-risk entry position using the 16.32 intraday low of the BGU day as a maximum selling guide.

ZION weakened yesterday along with other financials following the Fed policy announcement as financials appear unconvinced that the Fed is embarking on a sustained series of rate hikes going forward. The stock is holding right at its 50-dma, and a confirmed violation of the line would constitute a sell signal.


This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2017 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.