Both the NASDAQ Composite and NASDAQ-100 bounced off their respective 50-day moving averages but on lower volume. The S&P 500 bounced to close at its 50-day line, also on lower volume. The number of distribution days has been pronounced. It suggests the market may move lower before finding its footing. The trade issues continue to mount.
Futures are higher on a bounce in China's markets as well as EU leaders at a summit in Brussels agreeing on a deal to tackle the divisive issue of migrants. The countries agreed to set up new “controlled centers” for asylum seekers and redistribute the migrants across the entire union on a voluntary basis. The leaders also agreed to strengthen control of the EU’s external borders.
Focus List Notes:
AMZN is holding support along its 20-dema.
BZUN is bouncing off the top of its prior base and closed just above its 50-dma, representing a lower-risk entry position usig the 50-dma as a tight selling guide.
FTNT is drifting lower below its 20-dema. A test of the 50-dma should be watched for.
NFLX is holding support along its 20-dema. Technically, this could be considered a lower-risk entry position using the 20-dema as a tight selling guide.
NVDA remains out of play well below its 50-dma.
SQ undercut the prior June 11 low of 59.50 yesterday and rallied back above it. A test of the 59.50 low that holds might present a lower-risk entry opportunity, using that same low as a selling guide.
Market Lab Report - Premarket Pulse 6/29/18
| Published: | 29 Jun 2018 08:17 ET |
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