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Market Lab Report - Premarket Pulse 9/20/17

Major averages finished nearly unchanged on lower volume. The baby-stepping into new highs has began once again. Such excursions to new highs has been met with big selling soon thereafter. With the VIX flirting with levels under 10 once again, this suggests higher odds of such a recurrence.

The Federal Reserve issues its statement on interest rate policy today at 2 pm ET. There is currently a 58.3% chance that the Fed will decide to raise interest rates one additional time this year. This figure will change once the U.S. central bank releases its latest "dot plot" which gives more color as to Fed officials' individual rate-hike projections. The Fed forecasted three rate hikes in 2017, but tepid inflation data, weak jobs numbers, and soft GDP data has made it less likely they will hike once more this year.

Focus List Notes:

AMZN failed to regain its 20-dema, but was a sell on Monday after it failed to hold its 50-dma, which was our selling guide after last Wednesday's pocket pivot.

ANET remains within range of Monday's base breakout through the 179.71 peak in the base.

AVGO is holding at the confluence of its 10-dma, 20-dema, and 50-dma as volume declined slightly yesterday. This keeps it in a lower-risk entry position after Friday's pocket pivot, using the moving averages as tight selling guides.

EA is holding right at its 10-dma and 20-dema as volume declined slightly yesterday. This keeps it in a lower-risk entry position using the 50-dma as a maximum selling guide.

FB quickly regained its 20-dema yesterday after dipping below the line on Monday. This keeps it in a lower-risk entry position using yesterday's low or the 20-dema as a selling guide. Alternatively, the 50-dma can be used as a wider selling guide.

JD is pulling back into its 50-dma as volume declined to -23% below average yesterday. As it comes closer to the 50-dma and volume continues to dry up, it approaches a lower-risk entry on the pullback, using the 50-dma as a sellng guide.

MOMO continues lower and for now cannot be considered buyable until it can push back up through the prior lows of its current two-week price range.

SNAP approached its 50-dma yesterday as volume declined to -27% below average. This puts it in a last-stand entry position here using the 50-dma as a selling guide. So far the action since the pocket pivot of nearly two weeks ago has been disappointing.

VRTX is sitting right at its 50-dma where it is in a lower-risk entry position using the line as a selling guide.

WTW regained its 50-dma yesterday on a five-day pocket pivot. We like to see clusters of five-day pocket pivots in lieu of a single ten-day pocket pivot.

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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