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Market Lab Report - Pre-Market Pulse for Friday, July 27, 2018

Major indexes diverged sharply yesterday as big-cap names in the Dow Jones Industrials Index and small-caps in the Russell 2000 Index took both of those indexes higher yesterday, with each up 0.44% and 0.60%, respectively. Meanwhile, the "middle" of the market, the S&P 500 and NASDAQ Composite Indexes each closed down -0.30% and -1.01%, respectively. Both were hampered by declines in big-stock techs after Facebook (FB) provided weak revenue guidance during its earnings conference call and gapped down sharply yesterday.

Amazon (AMZN) is sending futures higher after the company reported its largest quarterly profit total in history, disclosing earnings per share more than double what analysts expected. The last FAANG stock, Apple (AAPL) reports earnings Tuesday July 31 after the close.

Second quarter GDP pointed to an expansion of 4.1%, in line with consensus. This is more than twice the 2.0% expansion seen in the first three months of the year and its strongest since the 5.2% reading in the third quarter of 2014. Yet despite the strong reading in Q3 2014, the economies at home and abroad continued to struggle. The song remains the same today. CPI figures are grossly distorted suggesting inflation at levels much lower than reality. This in turn artificially inflates the GDP numbers. Nevertheless, this give the US Federal Reserve more room to hike interest rates later this year. Interest rates and trade wars notwithstanding, the QE-driven market wants to go higher, even if on light volume. But this news driven market can turn on a dime to the downside so keep stood tight as always.

Focus List Notes:
Amazon.com (AMZN) is gapping up after reporting earnings yesterday. Watch for a possible buyable gap-up (BGU) to emerge.
Baozun (BZUN) remains within the handle of a cup-with-handle formation. It has found ready support along the 20-dema.
Fortinet (FTNT) is holding up well as it tracks near all-time highs along its 10-dma. Earnings are expected next week.
Netflix (NFLX) is still holding above the 356.25 low of June 8th, which keeps it in play as a undercut & rally (U&R) long set-up using the 356.25 low as a selling guide. The stock was reported on in a VooDoo Report email sent out to VooDoo Report members on Monday.
Square (SQ) is holding up well as it tracks near all-time highs and along the 10-dma. Earnings are expected next week.
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