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Market Lab Report - Premarket Pulse 10/4/16

Major averages fell yesterday on lower, below-average volume. The S&P 500 is attempting to retake its 50-day moving average while the NASDAQ Composite tries to push into and hold recently-taken new high ground.

Since 2015, when a major average hits new highs, the trend has been short-lived. Indeed, new highs have acted as a ceiling of sorts as the global economic situation and the threat of higher interest rates creates the corrections while QE keeps pushing reluctant stock indices higher. The result has been a relatively flattish, choppy pattern near index highs, most clearly evident on the S&P 500.

Acacia Communications (ACIA), a Focus List stock, pulled back toward its 50-day moving average on below average volume.

Fabrinet (FN), also on our Focus List, had a pocket pivot off its 20-day moving average.

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