All of the major market indexes posted follow-through days yesterday, with the NASDAQ Composite and S&P 500 Indexes doing so on the sixth day of a rally attempt. As we wrote yesterday morning, the indexes were still in position for follow-through days given that they had held above their recent lows, and that came to fruition yesterday. The issue is now whether the follow-through holds up and where we can find individual stocks in lower-risk buyable positions.
Futures are currently lower on the possibility of a U.S. strike against Syrian President Bashar al-Assad. Talk of such a strike was spurred on by a suspected chemical-weapons attack which killed civilians in Damascus over the weekend.
Focus List Notes:
Note that stocks in lower-risk pullback positions can be bought within the context of the market averages following through on yesterday's follow-through day.
AMZN closed just above its 10-dma on very light volume as it holds in a tight range. If the market continues higher, this could be bought here with the idea of it holding relatively close to the 10-dma while looking for a move back above the 50-dma as confirmation.
FTNT broke out of a four-week base on a five-day pocket pivot move, but volume was below-average.
LITE closed four cents above its 50-dma, which puts it in a lower-risk entry position using the 50-dma as a selling guide, or the 200-dma further down in the pattern.
NFLX is sitting on its 50-dma, which can be considered a lower-risk entry position using the 50-dma as a tight selling guide.
Market Lab Report - Pre-Market Pulse for Wednesday, April 10, 2018
| Published: | 11 Apr 2018 08:26 ET |
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