Major indexes gapped above their 50-dmas, adding confirmation to last week's follow-through day.
Futures are up as S&P 500 stocks on average are expected to see earnings growth of 17.3% for the period, the fastest rate of expansion since 2011. Of course, this is due largely to QE from global central banks. The capital finds its way into U.S. stocks which gives companies the ability to buy back shares in materially greater quantities thus artificially boosts earnings.
Cloud leaders Salesforce.com (CRM) and Workday (WDAY) both posted roundabout pocket pivots yesterday as they start to come up the right side of potential new bases.
Focus List Notes:
Focus list names all moved higher yesterday, but the only one that was actionable was Netflix (NFLX), which posted a buyable gap-up move that was also a base breakout. The intraday low at 323.77 would serve as a selling guide, although we would expect the stock to hold above the 333.98 base breakout point.
Amazon.com (AMZN) regained its 50-dma on below-average volume. The company is expected to report earnings next Thursday.
Market Lab Report - Pre-Market Pulse for Wednesday, April 18, 2018
|Published:||18 Apr 2018 07:42 ET|
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