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Market Lab Report - Premarket Pulse 3/29/17

Published : March 29 2017 at 9:12 ET

Major averages rose on mixed volume with the NASDAQ Composite closing above its 10-day moving average while the S&P 500 closed between its 10-dma and 20-dema. House Speaker Paul Ryan's press conference made a number of promises, then later in the day, Federal Reserve member Stanley Fischer who is on the Board of Governors of the Federal Reserve says he expects two more interest-rate hikes this year. Markets welcomed the news.

With the various cross currents, it is difficult at best to predict how far this bounce might go. As always, stay focused on your stocks to tell you what to do.

The indexes continued their reaction bounce off their 50-day moving averages yesterday on mixed volume with the NASDAQ Composite closing above its 10-day moving average while the S&P 500 closed between its 10-dma and 20-dema. The bounce itself is quite logical given that the S&P 500 and the Dow had been in steady downtrends throughout March before Monday's gap-down, which likely had a near-term exhaustive effect. How far it carries, or whether it reverses to test the prior lows, will find its first indication in the action of individual stocks.

House Speaker Paul Ryan's press conference made a number of promises, then later in the day, Federal Reserve member Stanley Fischer who is on the Board of Governors of the Federal Reserve says he expects two more interest-rate hikes this year. Markets welcomed the news.

Focus List Update

Big-stock names AMZN, FB, and NFLX were up yesterday on below-average volume, with FB posting a new all-time closing high.

TSLA had a mini-gap higher on news TCEHY bought a 5% stake in TSLA. This should not be confused with a buyable gap up as the stock did not gap up far enough in context with its overall chart.

CC posted a pocket pivot breakout, but was last buyable in a lower-risk position at the 10-dma as discussed in previous Pre-Market Pulse reports.

NTES remains right on top of its 20-dema as volume declined to -41% below average yesterday. This would be a lower-risk entry position using the 20-dema as a very tight selling guide.

QTNA is sitting on top of its 50-dma. The stock was up fve cents yesterday on increased buying volume that was still below average, however.

SINA has pulled into its 10-dma on volume that was -27% below average. This is in a lower-risk entry position using the 10-dma as a tight selling guide. We would also watch SINA in conjunction with other Chinese names, as the group may move together.


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