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|
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. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.