Major indexes rallied on lighter volume, with the Dow and the S&P 500 Indexes running into and stalling at intraday resistance at their 50-dmas, while the NASDAQ Composite managed to break above its 50-dma. Leading stocks continued higher, including Focus List names, but volume was light, and most leading stocks looks extended currently, That, and the fact that the Market Direction Model went to a cash signal just after the open yesterday, avoiding the rally that ensued, still means the market could be vulnerable to a pullback. ;-p Of course, as we have seen earlier this year, rallies can go longer than expected so mitigating losses is always essential.
Futures are lower as markets await President Donald Trump's Tuesday afternoon announcement on whether to withdraw from the Iran nuclear deal.
Focus List Notes:
AMZN rallied back above the 1600 price level on increased but below-average volume.
BZUN just missed posting a pocket pivot as it bounced off support around its 10-dma, 20-dema, and 50-dma on strongv volume. Gil discussed constructive patterns in several Chinese-related names, many of which rallied sharply yesterday, in his Video VooDoo Report sent out Monday morning.
FTNT held support at its 50-dma and regained its 10-dma.
NFLX rallied back above its prior base breakout point, but on light volume.
NVDA gapped higher and rallied back up nears its prior highs on above-average volume It is expected to report earnings on Thursday after the close.
SQ followed through on last Thursday's pocket pivot with a move back up through its 50-dma, but on average volume.
Market Lab Report - Pre-Market Pulse for Tuesday, April 8, 2018
|Published:||8 May 2018 08:33 ET|
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