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.
Market Lab Report - Premarket Pulse 5/23/18
|Published:||23 May 2018 08:25 ET|
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