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.
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