Major averages rose on lower volume that was well below average with the 50-day moving average serving as resistance for the S&P 500. After a relatively hard sell off, you would expect more life in the bounce which, so far, appears weak. The downtrend in the S&P 500 remains intact while the NASDAQ Composite continues to move sideways. Most of the averages have been trading below their respective 50-day moving averages while the NASDAQ Composite struggles for support at its 50-day line.
Focus List Review
BZUN broke below its 50-day moving average, but this was already in trouble after a strong upside move and low-base range breakout last week failed quickly.
NFLX posted a pocket pivot yesterday ahead of its after-hours earnings report. The stock is trading higher in pre-market trade.
TSLA is holding tight along its 10-dma after posting a continuation pocket pivot on Friday. News of an accident at the company's gigafactory has shares trading below $300 in pre-market trade.
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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.