Major market indexes were hit hard but volume did not balloon, coming in less than 1% higher on the NYSE vs. last Thursday's levels and lighter on the NASDAQ. Nevertheless, many leading names were hit hard on heavy selling volume. The S&P 500 closed below its 200-dma for the first time since June 2016. With the market situation deteriorating, there is no reason to be looking at fresh entries on the long side until some sort of concrete evidence to the contrary appears.
Futures are gapping higher after yesterday's steep selloff. Volatility remains elevated. Keep stops tight whether long or short.
Focus List Notes:
AMZN has now technically violated its 50-dma.
NFLX closed below its 50-dma on above-average volume.
NVDA reversed to the downside on heavy volume after an early-morning rally.
Market Lab Report - Pre-Market Pulse for Tuesday, April 3, 2018
|Published:||3 Apr 2018 08:41 ET|
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