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Market Lab Report - Premarket Pulse 5/2/17

Published : May 2 2017 at 9:29 ET

Major averages rose on lower volume continuing their overall uptrends. The NASDAQ closed at a new all-time high while the S&P 500 remains in a tight range up against its prior March highs.

A trifecta of tech juggernauts reports earnings this week including Apple (AAPL) on Tuesday then Facebook (FB) and Tesla (TSLA) on Wednesday after the close.

The FOMC meeting concludes this Wednesday with their announcement at 2 pm ET. Five Fed members including Janet Yellen will speak on Friday after the jobs reports is released. It will be interesting to see how they spin the latest GDP data as they have not only told markets to expect two more rate hikes this year but have also said they want to start the process of unwinding the $4.5 trillion in bonds they are holding on their balance sheet sometime this year.

Focus List Review

BZUN broke out of last week's tight action along its 50-day moving average which corrected the wedge it had formed the week before. We had mentioned BZUN in last week's webinar as one to watch.

TWTR closed just above its 200-day line though it may have to back-and-fill here since it shot straight up from near lows.

Tech leaders NFLX, AMZN, and FB all continue higher with FB reporting after the close on Wednesday.

AMZN tested the 924.99 intraday low of Friday's gap-up move yesterday and turned higher.

CC reported earnings last night and beat handily. The stock is set to gap up slightly this morning, but so far not enough to qualify as a buyable gap-up.

NOW remains within buying range of last Thursday's buyable gap-up range, using the 93.30 BGU low as a selling guide.

TTD is holding tight along its 10-dma and just below its 50-dma. Earnigs are expected next week, but the stock could make a move back above its 50-dma before then, thus it is potentially buyable here based on the tight action while using the 10-dma as a tight selling guide.


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