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Market Lab Report - Premarket Pulse 3/8/16

Major averages finished yesterday mixed on lower, below average volume with small caps continuing to lead. There was a notable divergence between big caps as shown by the NASDAQ-100 down -0.59% compared to the small cap Russell 2000 which finished higher by +1.13%.

Crude oil continued higher as well nearly reaching $38 a barrel. Leading stocks are starting to materialize though the process has been slow. Indeed, the market seems more tentative with each passing day. The question is whether oil which has strongly correlated with stocks since the start of the year can continue to bounce.

Within the context of the prior move off of the February lows, a pullback here is not out of the question. It then becomes a matter of watching just how far such a pullback carries, and whether or not it indicates a potential rally failure. The 50-day moving average for both the NASDAQ Composite and the S&P 500 therefore represents key support on any continued pullback off their recent peaks.

Futures are currently lower by about half a percent.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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