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Market Lab Report - Pre-Market Pulse for Thursday, March 15, 2018

Major market averages sold off yesterday, but the selling was primarily seen in the S&P 500 and Dow Jones Industrials Indexes. The Dow sold off an even 1% on higher volume as it has been turned back from resistance at its 50-dma while the S&P 500 sold off right down to its 50-dma but held the line by the close. The NASDAQ Composite Index pulled back only -0.19% on lighter volume as it tests its prior new-high breakout of last week.

Futures are roughly flat after a slew of economic data including the latest weekly initial jobless claims which came in at 226,000 matching estimates, the Empire Manufacturing Survey for March at 22.5 vs. est 15.0, and the Philadelphia Fed Survey for March at 22.3 vs. est 23.7.

Focus List Notes:
AMAT has pulled back into its 10-dma near the top of its prior base breakout. However, the 20-dema at 58.74 is closer to the prior 58.73 breakout point, so we might look for a further pullback to that level as the most optimal entry point.
BB remains in a buyable position along its 50-dma and 10-dma following last Friday's pocket pivot off the 10-dma and up through the 50-dma.
NFLX held near-term support at its 10-dma on declining volume.
TEAM found support at its 10-dma.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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