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Market Lab Report - Premarket Pulse 10/21/16

Major averages finished flat to lower yesterday though managed to claw back losses to finish in the top half of their trading ranges. The NASDAQ Composite closed just below its 50-day moving average while the S&P 500 closed below its 20-day line. Volume was mixed.

Meanwhile, leading stocks continue to break down such as former price leaders ACIA, TWLO, and PI. Other leaders have bounced off their respective areas of support but in a sickly manner. Yet the major averages get propped by capital coming from various forms of quantitative easing thus often find shallow floors when they correct. To add to the schizophrenic nature of this market, algorithms add noise to the patterns as they send the major averages sharply higher and lower often during the same trading day. Nevertheless, nimble investors buying on constructive weakness where risk is low and selling into strength in context with the chart pattern can do well over time.

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