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Market Lab Report - Premarket Pulse 8/3/17

Major averages finished mixed with the S&P 500 and NASDAQ Composite both finishing flat, closer to the upper end of their trading ranges. Earlier in the day, the NASDAQ Composite had a bear flag outside reversal then broke down below its 20-day moving average, but when stocks looked at their worst, the NASDAQ staged an undercut & rally back up through its 20-dma and its prior low of 6318.62 on 7/27.

That said, a number of leading names got hit hard. The market remains tenuous. Stops should be kept tight as always.

Focus List Notes:

Several names on the list came under selling pressure yesterday: AAOI, ANET, LITE, ANET, APPN, BABA, BZUN, NOW, and NTNX. Of these, AAOI, ANET, and LITE report earnings today.

TTWO beat handily on earnings last night and is gapping up this morning well over 10%. Whether this sets up a buyable gap-up (BGU) remains to be seen if the stock can set a solid intraday low after the bell.

YEXT is drifting to lower lows, and the only way this could become actionable again on the long side would be on a a rally back up through the prior 12.88 low of July 3rd. It serves as an example of a recent IPO that had a sharp upside move in early July but has since given up all of that move and more. 
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