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Market Lab Report - Pre-Market Pulse for Wednesday April 4, 2018

Major indexes rallied on lighter volume yesterday. The rally attempt was logical given that the Dow Jones Industrials Index undercut its February lows yesterday, hence was in a position for a typical undercut and rally (U&R) move. At the same time, the small-cap Russell 2000 Index undercut its March 2nd low and rallied in a U&R type of move as it also found support at its 200-dma on an intraday basis.

Futures are gapping lower by almost 2% at the time of this writing on returning fears about a potential global trade war. China’s ambassador to the U.S. earlier had said his country would “fight back” against Washington’s levies.

Focus List Notes:
In terms of concrete set-ups, the list has little to offer, as it the case with most leading stocks in this market after the sharp downside break we've seen over the past three weeks. AMZN, NFLX, and NVDA are now all trading below their 50-dmas. LITE appears to be headed for a test of its 50-dma, something we've been looking for. SQ is sitting at its 50-dma and its prior cup-with-handle breakout point, where it has been stuck stuck for the past four days, and failed to rally yesterday with the market. FTNT is perhaps the strongest of the names on the list as it holds above its 20-dema, and BZUN is not too far behind as it rests just below its 20-dema but well above its prior buyable gap-up low.
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