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Market Lab Report - Pre-Market Pulse for Friday, April 4, 2018

Major Indexes reversed sharply off their lows after the Dow and the S&P 500 Indexes both busted their 200-dmas early in the day. This brought on a raft of bearish commentary, since the 200-dma is see as a "critical" long-term support level. But, as if often the case in this market, when things look their ugliest, the "Ugly Duckling" comes a-calling, and the indexes turned right around as the crowd was caught leaning the wrong way. That said, the S&P 500 has now knocked on its 200-dma roughly five times. Each time, the odds increase of a pronounced breakdown through this critical moving average. Such action would push other major averages below their respective 200-dmas.

Futures bounced around after the jobs report and are currently lower. April nonfarm payrolls increased by 164,000 vs. est 190,000. The prior month's increase was revised to 132,000 from 103,000. Nonfarm private payrolls rose by 168,000 vs. est 193,000. The previous month's increase was revised to 135,000 from 102,000. Average hourly earnings increased 0.2% matching consensus, while the previous month's increase was revised to 0.2% from 0.3%. The average workweek was reported at 34.5 also matching consensus. The unemployment rate declined to 3.9% from 4.1% (est 4.0%).

Focus List Notes:
Fortinet (FTNT) will gap-up this morning after a positive earnings report last night. Look for a possible buyable gap-up to develop.
Netflix (NFLX) held support at its 50-dma as volume dried up, which may put it in a lower-risk entry position, looking for a "LUie" type of recovery where the current "L" formation turns into a "U" formation.
Square (SQ) posted a pocket pivot at its 10-dma on a strong recovery from an early morning gap-down following earnings.
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