Market Lab Report - Premarket Pulse 4/21/17

Published:

21 Apr 2017 13:20 ET

Major averages rose on mixed, below average volume with the S&P 500 and Russell 2000 closing above their 50-day moving averages.

The struggle to find direction may be coming to an end as the NASDAQ Composite posted a new all-time closing high yesterday as it moved back up to the top of its current trading range though this would be the third time it has tried to start an uptrend into new high ground. The S&P 500 regained its 50-day moving average, and should be watched for a possible trend-line breakout through the 2360-2370 price area.

Focus List Review

A number of Focus List stocks continue to act well despite the volatile index action.

AMZN continues to hold tight along its 10-dma and the $900 Century Mark level as volume remains light.

BABA continued to move higher as it has tracked along its rising 10-dma and 20-dema.

COHR is back above its prior breakout point after posting a pocket pivot on Wednesday and moving higher again yesterday.

FB moved to all-time highs yesterday on an 8% volume increase.

JD logged a new all-time high yesterday on above-average volume. The stock remains extended but continues to shine as a solid leader among Chinese names.

SNAP cleared its 20-dema after Tuesday's undercut & rally long set-up was triggered when the stock moved up through the prior low of 20.03 in the pattern that was set two weeks ago.

SQ posted a trendline base breakout yesterday, albeit on below-average volume. The stock continues to act well ahead of its earnings report on May 3rd.

TSLA is holding along the $300 Century Mark, and may have given traders an entry opportunity yesterday when it came within 23 cents of the 300 price level on news of a voluntary recall. The news appears to be a non-event, making the pullback an attractive entry point for traders ahead of the stock's expected May 3rd earnings report.

VEEV posted a strong pocket pivot off of its 10-day moving average yesterday. The stock has continued to act very well as it based over the past four weeks to form a short flag formation.

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