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Market Lab Report - Premarket Pulse 8/29/17

Major averages finished flat to higher on higher but below average volume. The continued tentative action combined with the growing number of distribution days and reversal of gap ups when the market opens suggests a continuation of the sloppy downtrend that began a few weeks ago.

About an hour after the close, North Korea fired a mid-range missile at Japan sending futures sharply lower. Reuters reported that Japan's Chief Cabinet Secretary Yoshihide Suga said the missile test was a threat that Tokyo would respond to firmly. "This ballistic missile launch appeared to fly over our territory. It is an unprecedented, serious and grave threat to our nation," the top government spokesman told reporters. Suga called the test a clear violation of United Nations resolutions. He also that Japan will work closely with the U.S., South Korea, and other concerned nations to find a timely and appropriate response. U.S. President Donald Trump and Japan's Prime Minister Shinzo Abe agreed to increase the pressure on North Korea in response while South Korea's military conducted show of force drills.

Focus List Notes:

There is nothing truly actionable given the state of the general market this morning.

NFLX closed below its 50-dma yesterday on weak volume. The stock still looks like a potential LSFB on a clean breach of the 50-dma. Note also that the 20-dema has now declined enough so that it is very close to the 50-dma. When NFLX broke below the 20-dema back in late July, that was the first clue of trouble afoot. That clue was valid as the stock has since moved lower. This may very well turn into a short-sale right here using the 20-dema as a guide for an upside stop in anticipation of a clean break of the 50-dma.

Short-Sale Notes:

TSLA closed below its 50-dma yesterday as selling volume picked up slightly but remained well below average. The stock is currently in a short-sale entry position using the 50-dma at 346.15 as a guide for a very tight upside stop.

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