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Market Lab Report - Premarket Pulse 10/5/17

Major averages finished fractionally higher on slightly lower volume as the current string of baby-stepping up days may be starting to tire.  Initial jobless claims count totaled 260,000 vs. est 265,000. Today's tally was below the unrevised prior week count of 272,000.

Focus List Notes:

ANET flashed a single five-day pocket pivot at its 10-dma yesterday. We like to see a cluster of such pocket pivot in lieu of a single ten-day pocket pivot.

BABA is back up near the highs of its current price range, and held tight yesterday as volume declined. The stock continues to recover well from the prior week's sell-off.

NFLX just missed posting a ten-day pocket pivot at the 10-dma after rallying above the line on a buy recommendation from UBS Securities, which set a $225 price target for the stock. Earnings are expected on October 16th.

TTWO posted a five-day pocket pivot at its 10-dma yesterday along with a new all-time closing high.

VRTX is holding tight along its 10-dma after posting a pocket pivot at the 10-dma on Monday. This puts it in a buyable position using the 10-dma as a tight selling guide.

WTW held support at its 50-dma after posting a strong pocket pivot on Monday and then giving up all those gains yesterday. Yesterday's pullback likely ran into overhead selling from the left side of the base, and came on light volume. Yesterday's action constituted a "voodoo" volume dry-up at the 50-dma as volume declined to -48% below average. The stock remains in a lower-risk entry position here using the 50-dma as a selling guide.
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