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Market Lab Report - Premarket Pulse 5/13/16

Major averages finished yesterday flat to lower on higher volume. The S&P 500 bounced off its 50-day moving average closing mid-bar. The NASDAQ Composite, however, continues to languish beneath its 50-day moving average.

The markets sold off a couple hours into the session after hawkish commentary from two FOMC members, saying that recent inflation data was encouraging and that the market is underestimating the pace of rate hikes. Nevertheless, markets later staged their usual QE environment rebound and moved back to the upside before selling off into the close again.

Futures are still trading lower though they rallied mildly on April producer prices which increased 0.2% vs. an expected 0.3% while core producer prices came in higher by 0.1% in-line with consensus.

A number of big-stock NASDAQ names continued to sell off yesterday, including those mentioned in recent Short-Sale Set-up reports such as NFLX, AAPL (lower low) and TSLA (also a lower low). MSFT remains in a position just above its 200-day moving average but just below its 20-day moving average where it could be in a shortable position using the 20-day line as a guide for an upside stop.

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