Major averages were mixed yesterday on lighter volume. The Dow Jones Industrials and the broad NYSE Composite Indexes undercut their lows of last week and rallied, holding support at their 200-dmas with the NYSE Composite regaining its 200-dma on an intraday basis. The S&P 500 also approached its 200-dma before rallying off the intraday lows.
Futures were up earlier on a strong earnings report from AAPL but have since reversed and are flat to lower as of this writing.
Focus List Notes:
AMZN is holding up following Friday's gap-up move, as we discussed it might over the weekend. If the general market is able to build on AAPL's gap-up move this morning. AMZN may be buyable here using the 10-dma as a tight selling guide.
BZUN has been able to hold support along its 50-dma. It remains in a seven-week base ahead of its expected May 16th earnings report.
NFLX is holding tight along its 20-dema as volume dries up. This may put it in a buyable position using the 20-dema as a tight selling guide
SQ is expected to report earnings today after the close.
Market Lab Report - Pre-Market Pulse for Wednesday, May 2, 2018
|Published:||2 May 2018 08:48 ET|
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