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Market Lab Report - Premarket Pulse 5/23/18

Major averages sold off yesterday with higher volume on the NYSE while volume on the NASDAQ was roughly flat. This resulted in another distribution day for the S&P 500 and Dow Indexes.

Futures are sharply lower as President Donald Trump told reporters he wasn’t really happy with the progress of U.S.-China trade talks. Short term, markets will be vulnerable to this news item. Longer term, the tug-o-war between global QE and U.S. QT will continue.

Focus List Notes:
Big-stock NASDAQ names AMZN, NFLX, and NVDA are still holding their 20-demas, but any breach of this key near-term support level may have near-term bearish implications. We would advise using the 20-dema as your selling guide in each case.
BZUN held support at the top of its prior base. Technically, this is a lower-risk entry position, but any further market weakness could drag the stock below its breakout point and should be monitored carefully
FTNT appears set to test its 20-dema, which would serve as near-term support and a selling guide for those wishing to keep risk tight.
SQ also appears set to test its 20-dema, which would serve as a near-term selling guide.
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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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