Major averages fell but managed to close in the upper half of their trading ranges on lower volume. The S&P 500 got support at its 50-day moving average while the NASDAQ Composite bounced off its converging 10- and 20-day lines. Despite the sharp, early morning selloff, support pushed the markets higher for the rest of the day.
Futures are lower largely due to analyst downgrades on GOOGL and NVDA. Both stocks are trading lower with GOOGL off about 1% and NVDA off 4%.
Focus List Update
Most names on the Focus List have acted well, but today's opening gap-down could have an impact. Watch support levels carefully, as any market sell-off that develops into something more serious could see leading stocks begin to break near-term support.
BZUN posted a pocket pivot yesterday. We already reported on this as "VooDoo" set-up on Friday.
QTNA broke its 50-day moving average on heavy volume. Given that it had closed below the line over the prior two days would constitute a 50-dma violation.
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. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.