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Market Lab Report - Premarket Pulse 3/24/17

Major averages finished flat to lower on lower volume with both the S&P 500 and NASDAQ Composite running into resistance at their 20-dema lines then finishing at the lower ends of their trading ranges. The market's inability to stage a strong bounce is largely due to nervousness ahead of the healthcare bill. Nerves heightened by the voting delay which was pushed out at least 24 hours. The final outcome may not be known until sometime on Monday. Markets hate uncertainty.

That said, President Trump gave House Republicans an ultimatum last night; pass the American Health Care Act on Friday or be left with Obamacare. The new administration is ready to move on to the next item on its legislative agenda--tax reform--regardless of the outcome of today's vote. 

That stance has helped push futures higher.

Focus List Update

BABA broke out to higher highs yesterday on strong volume. However, BABA is best bought on pullbacks into the 20-dema, which has served as reliable support over the past eight weeks.

SNAP has continued to move higher after posting a pocket pivot on Wednesday. We would look to enter on weakness into the 10-dma givent the stock's currently extended position.

TSLA has been able to retake its 50-dma, but is sitting on the fence between remaining a long play or transforming back into a short-sale play. A breach of the 50-dma on volume would bring this into play as a short-sale once again.

ZION has been removed from the Focus List.
Most names on the Focus List found support at logical areas on Wednesday, and have since bounced back to the upside. In some cases these stocks have moved to the tops of their current ranges. In others they have reacted back up into areas that could present near-term resistance at their 10-dma and 20-dema lines. A move back above near-term resistance would be constructive for names like these, which include JD, SQ, AMZN, etc.

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