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Market Lab Report - Premarket Pulse 1/27/17

Published : January 27 2017 at 9:29 ET

Major averages finished roughly flat to mixed yesterday on lower volume, consolidating recent gains. The Dow cleared 20,100, extending its rally through the 20,000 level, while the S&P 500 and NASDAQ Composite Indexes were down slightly.

Focus List Commentary

Steels X and STLD traded back up towards their 50-day moving averages yesterday on strong volume in schizoid fashion after selling off and violating their 50-day lines the prior day on heavy selling volume. This could put them in possible short-sale positions if they are unable to regain their 50-day lines. Otherwise, the action could qualify as a shakeout, depending on how the situation develops with each of these stocks over the next few days. It does point out some of the uneven and volatile action that can occur in these names.

GKOS is holding tight along its 10-day moving average and posted a five-day pocket pivot today at the line.

MOMO has pulled into its 10-day moving average following Monday's pocket pivot, putting it in a lower-risk entry position using the 10-day line as a tight selling guide.

CUDA has pulled into its 50-day moving average on lighter volume vs. the prior day, putting it in a lower-risk entry position using the 50-day line as a tight selling guide.

FCX has filled its gap from Monday and is sitting right at its 10-day moving average. This would represents a lower-risk entry position using the 10-day line as a selling guide.

MOS gapped down in sympathy to fellow fertilizer name POT's earnings and found support right at its 10-day moving average. This coincides with the top of the prior base from which it broke out on Monday, providing very nearby references for tight selling guides.

Keep in mind that "stuff", ie, commodity-centric, stocks often trade is wider price bands thus often violate supportive moving averages before finding a floor and moving higher.


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