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Market Lab Report - Pre-Market Pulse for Friday, June 8, 2018

The NASDAQ Composite, S&P 500, and Russell 2000 Indexes all closed down yesterday, while the Dow Jones Industrials and NYSE Composite Indexes closed up. Volume on the NASDAQ was higher, so that the Composite suffered a distribution day, while NYSE volume was lower.

Futures are firmly lower after tensions between the US and major allies flared up ahead of the G-7 meeting in Canada. Fears of a global trade war began in March when President Donald Trump said his administration planned to slap tariffs on aluminum and steel imported into the US. Those levies have since been implemented against partners such as the European Union as well as against countries such as China.

Focus List Notes:
Several names on the list were knocked off their recent all-time highs on higher selling volume. These included FTNT, NFLX, and SQ. NFLX and SQ held support above their 10-dmas, while FTNT closed below its 10-dma. The 10-dma or 20-dema can be used as selling guides for any of these stocks, depending on one's risk preferences.
AMZN closed down less than 1% on light volume.
NVDA closed relatively tight yesterday, down less than 1% on lighter volume. It remains well above its 10-dma.
BZUN held support at its 10-dma and traded very light volume. The stock has been on fire since its buyable gap-up following earnings three weeks ago. The low-volume pullback could be viewed as a lower-risk entry opportunity, but with the stock as extended as it is, the risk of a move below the 10-dma is higher.

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