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Market Lab Report - Premarket Pulse 4/20/17

Major averages closed mixed in the lower half of their trading ranges on higher volume. The S&P 500 met resistance once again at its 50-day moving average then headed lower for much of the day. Financials and oils were the worst performers. That said, today, the energy component is up 0.8% after Saudi Arabia's energy minister said the OPEC/non-OPEC production cut agreement is more likely to occur.

Initial jobless claims came in at 244,000 vs. est 242,000. Today's tally was above the unrevised prior week count of 234,000. Continuing claims declined to 1.979 million from the unrevised count of 2.028 million.

Focus List Review

COHR posted a pocket pivot off its 10-dma. Earnings are expected to be reported next week.

NFLX closed definitively under its 50-dma for the first time in several months on heavy selling volume following Tuesday's initial close a hair below the 50-dma following its Monday after-hours earnings report. Since the close was roughly at its 50-dma, this would not technically be considered a violation, but it is behaving badly given its price/volume action after it reported earnings. 

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