Major averages finished flat to higher yesterday on lower volume. The weak bounce can be attributed, at least in part, to the question of whether the GOP health care bill will pass in the House tonight. If not the market may go lower as it will raise concerns about the future of other policies such as tax reform. That said, the leader of the House Freedom Caucus said that he was "encouraged" by the willingness of the White House and GOP leadership to work together to improve the bill so an agreement may be reached.
Focus List Update - The list remains in flux as do the markets ahead of the vote on the health care bill. A couple new names were added while a couple names have obviously hit their maximum sell stops so will come off the list. It's important to always remain fluid by letting your stocks tell you what to do in terms of your portfolio exposure. A number of names did hold near-term support yesterday, which is constructive on a short-term basis.
AMZN found support at its 10-week moving average.
BABA found support at its 20-dema.
CC undercut the lows of its current four-week range and bounced.
COHR found support around and closed above its 10-dma and 20-dema.
FB found support at its 20-dema.
JD undercut its prior 29.96 low and met up with its 10-week moving average before bouncing.
NTES undercut the lows of its recent three-week range and rallied, but was unable to clear its 10-dma or 20-dema.
SQ undercut the 16.32 intraday low of its February 23rd buyable gap-up day and rallied back above that price level, but closed just below its 20-dema.
TSLA regained its 50-dma but closed just below its 20-dema.
VEEV found support at its 10-dma.
It is important to maintain awareness of where long watch list names are trading, since a market pullback can often result in associated pullbacks to logical support or undercut & rally types of moves in individual stocks. These can therefore present potentially lower-risk entry opportunities IF the market pullback turns out to be temporary.