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Market Lab Report - Premarket Pulse 2/7/17

Published : February 7 2017 at 9:28 ET

Major averages were flat to lower yesterday on lower volume but managed to close in the upper half of their trading ranges. The big cap NASDAQ-100 eeked out a fractional gain. Futures are up this morning.

Focus List Update:

AMZN pulled back marginally relative to Friday's gap-down through the 20-day moving average and closed mid-range as volume dried up sharply. This may indicate that near-term selling pressure is dissipating. As a big leader, AMZN should be watched for any kind of recovery back up through the 20-dema.

BABA is holding very tight at its 10-day line and above the 99.94 inraday low of its prior BGU.

FB saw volume dry-up sharply yesterday as it held its 10-day moving average. The high volume on FB after it reported earnings may be due to institutional funds having to sell the stock to keep in line with % restrictions in their funds. Thus the current pullback to support on lower volume can be seen as constructive.

FCX is attempting to find support at its 20-dema.

GKOS had an outside upside reversal on above average volume. While it is still a bit extended, this bodes well for the stock longer term.

MOMO has pulled back into its 20-dema on light volume, putting it in a lower-risk entry position.

NFLX is holding very tight along its 10-day line as volume has dried up in the extreme.

SQ found support at its 50-day line yesterday.

X posted a pocket pivot last Frday, and is attempting to retake the 50-day line again this morning in pre-open trade

Z had a pocket pivot closing on its 50-day moving average.


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