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.
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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.
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