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Market Lab Report - Pre-Market Pulse for Friday, July 20, 2018

Major indexes sold off yesterday on mixed volume, with higher trade on the NYSE and lighter trade on the NASDAQ. Threats of more tariffs from the U.S., this time on European automakers, helped send the indexes lower.

Futures are mixed at the time of this writing.  President Donald Trump said the European Union is a “foe” of the United States with respect to trade policies. He also spoke out against British Prime Minister Theresa May over her “soft” Brexit plan, saying such a tact would “kill” any potential trade deal between the U.S. and the U.K. Over to the E.U., Trump tweeted "I told you so! The European Union just slapped a Five Billion Dollar fine on one of our great companies, Google. They truly have taken advantage of the U.S., but not for long!"

Singularly, his stance toward the rest of the world on trade issues is quite clear. This headwind is being countered by global quantitative easing. The question is which - QE or trade wars - will emerge the victor. Rather than trying to guess, price/volume action in leading names helps one to utilize some of our buying strategies such as undercut & rally and volume dry-up (voodoo) formations while keeping risk in check at all times.

Focus List Notes:
Both Fortinet (FTNT) and Square (SQ) posted new all-time highs yesterday in the face of the market sell-off. FTNT had already posted a pocket pivot on Tuesday.
Netflix (NFLX) closed below its 50-dma for the first time since early April. A move below yesterday's low would constitute a technical violation of the 50-dma.

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