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Market Lab Report - Pre-Market Pulse 5/24/18

After an opening gap-down the major market indexes found solace in the release of the Fed meeting minutes, reversing back to the upside and closing near the tops of their price ranges on higher volume yesterday. The NASDAQ Composite and S&P 500 Indexes posted higher closing highs. The tight action over the past two weeks has been more constructive than any we've seen since the end of January when the market initially topped out, and we may see the larger-cap indexes make a run for their prior highs. The small-cap Russell 200 Index has already been at new highs, and yesterday pulled right back to the top of its prior base breakout and held, which is constructive.

Futures turned lower due to worries about North Korea which offset Federal Reserve minutes that were viewed as dovish. North Korea’s senior envoy renewed a threat to call off a June summit with President Donald Trump. Choe Son Hui, the isolated nation’s vice minister of foreign affairs, said if the talks didn’t go ahead, the U.S. could instead face off with North Korea in a “nuclear-to-nuclear showdown.”

Focus List Notes:
BZUN held at its prior breakout point where it was buyable per our notes of yesterday morning. It then launched higher yesterday on strong volume and is now extended.
NFLX broke out yesterday on a pocket pivot move, but this comes on the heels of Monday's pocket pivot which we noted in our Tuesday morning Focus List Notes. The move also constitutes a re-breakout type of situation, one that is not uncommon for this market.
With NFLX breaking out again, we would look for both AMZN and NVDA to do the same, with the idea of using the 20-demas for both as tight selling guides.
FTNT found support again at its 20-dema and closed positive. It has been buyable on pullbacks to the 20-dema.
SQ found support near its 20-dema and closed positive on the day yesterday. The stock is forming a cup-with-handle pattern and may be setting up for another breakout. In the meantime, we would look to buy shares on any pullbacks from current levels, with the idea of using the 20-dema as a tight selling guide.
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This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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