Major averages fell on mixed volume, higher and above average on the NASDAQ Composite. After yesterday's surge in volatility, the majors managed to climb back with both the S&P 500 and NASDAQ finishing roughly midbar.
Focus List Notes:
ANET tested its 10-dma on higher selling volume yesterday, but managed to close a nickel above the line. Volume was higher but still -2% below-average. Selling volume has picked up relative to buying volume over the past several days, which may indicate that a test of the 20-dema is likely.
APPN posted a pocket pivot as it bounced off its 10-dma yesterday and rallied to post an all-time high, closing near its intraday highs. The only way to try and buy the stock has been to wait for pullbacks to the 10-dma, and yesterday's pullback would have presented just such an opportunity. However, it would have been difficult to step in and buy shares in the face of yesterday's sharp index sell-off.
EA has failed on last week's attempt pocket pivot breakout to new highs as selling volume has picked up over the past three trading days. It was able to close above its 20-dema, however, which keeps it alive and could put it in a lower-risk entry position using the 20-dema or yesterday's low as a tight selling guide.
VRTX tested its 10-dma yesterday and closed well above the line on light volume that was -30% below average. We would look for the stock to stabilize further along the 10-dma where it would present a lower-risk entry opportunity if the general market selling dissipates.
Market Lab Report - After the Open 9/6/17
|Published:||6 Sep 2017 09:51 ET|
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