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.
Market Lab Report - Pre-Market Pulse for Thursday, March 15, 2018
| Published: | 15 Mar 2018 08:47 ET |
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