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Market Lab Report - Premarket Pulse 4/12/17

Published : April 12 2017 at 9:28 ET

Major averages finished lower though near the top end of their respective trading ranges on higher but below average volume. The S&P 500 managed to close near the top of its trading range above its 50dma after piercing below it earlier in the day while the NASDAQ Composite bounced off its 50dma. Financials and semiconductors, two groups that had been strong, now both trade below their 50-dmas. Volatility levels have been elevated.

Geopolitical tensions have elevated as relations between the US and Russia have cooled after the US attack on Syria spurred on by the belief that Syrian President Bashar al-Assad's forces gassed their own people.

Back in the U.S., President Trump said that health care reform will once again take priority over tax reform, saying "the tax cuts are better if I can do health care first." This will force the GOP to push the tax reform deadline past the August target. However, the president plans to complete both pieces of legislation by the year's end.

Back in the U.S., President Trump said that health care reform will take priority over tax reform which will push the tax reform deadline past the August target. However, the president plans to complete both pieces of legislation by the year's end.

Focus List Review

CC found intraday support yesterday at its 20-dema but closed just below its 10-dma. Volume remains light.

COHR held above its 20-dema as volume remains light at -48% below average.

FB dipped below its 20-dema on higher selling volume as it also violates its 10-dma.

MKSI moved below its 50-dma on heavy, above-average volume. Watch for a possible 50-dma violation if it moves below yesterday's intraday low.

NFLX again held its 50-dma after dipping below it on an intraday basis yesterday. On Monday, NFLX did post a supporting pocket pivot at the 50-dma on above-average volume.

SQ is holding tight just below its 10-dma and 20-dema as volume dried up to -53%. A test of the 50-dma is not out of the question.

TTD posted a five-day pocket pivot at its 50-day moving average. So far the stock has been able to find support along the rising 50-dma over the past two weeks.


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