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|
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.