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Market Lab Report - Premarket Pulse 11/10/17

Major averages gapped down, finishing lower on higher volume, but managed to close near the top of their trading ranges. Market weakness was largely caused by the Senate tax plan proposed on Thursday which disappointed as it did not look much like real reform. The Senate's proposal called for delaying a cut in the corporate tax rate by one year.

Focus List Notes:

ANET remains extended. Near-term support lies at the $200 price level.

BABA found support near its 20-dema yesterday - that was near-term support and represented a lower-risk entry at that point.

CAT is testing its 20-dema on below-average volume, bringing it into a lower-risk entry position using the 20-dema as a tight selling guide.

FB found support yesterday at its 20-dema. That pullback represented a lower-risk entry opportunity as the stock bounced off the line.

NFLX has breached its 20-dema, but is still holding above its prior base breakout point, which now roughly coincides with its 50-dma. The stock did find support near its 50-dma yesterday. This could be considered a more opportunistic entry point here using the 50-dma as a selling guide, but the stock needs to hold the line in order to remain viable. The breach of the 20-dema is often a sign of an impending late-stage base-failure developing, so this must be watched for.

TTWO closed below the 116.35 intraday low of Wednesday's buyable gap-up move, but only by a little over 1%. This allows for a modicum of porosity below the BGU intraday low and the sock can be considered to be in a buyable position, using a 2% stop maximum from current price levels with the idea of seeing the stock regain the 116.35 price level quickly.

WB is near-term extended after Wednesday's huge pocket pivot and base breakout move. We would look for pullbacks into the 105 price area as potentially lower-risk entries.
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