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Market Lab Report - Pre-Market Pulse for Thursday, April 26, 2018

The S&P 500 Index found support at its 200-dma for the third time, setting the context for a general market rally off the intraday lows. Only the NASDAQ Composite Index finished in the red, but by a scant -0.5%. Volume was lower across the board, not what you want to see on an attempted bounce off major support. After the bell Facebook (FB) reported earnings and is gapping up this morning. This could set up a buyable gap-up move if the stock holds above the 50-dma.

Futures are higher as FB is gapping up 6% after a strong earnings report. Concerns over rapidly rising U.S. interest rates were still hanging over markets, as the yield on 10-year Treasury notes TMUBMUSD10Y, -1.14%  stayed above the psychologically important 3% level.

AMD and QCOM also are gapping higher on strong earnings. Yet, so far this season, while more than 80% S&P 500 companies have beaten forecasts, the better-than-expected results have often failed to lift the companies’ share prices. This is due to the QE-effect as we have discussed where companies flush with QE capital buy back shares which artificially boosts earnings.

Focus List Notes:
NFLX regained its 50-dma on an intraday basis. If the stock can continue to hold the 50-dma, then this would set up a moving-average undercut & rally long set-up using the 50-dma as a tight selling guide.

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