Major averages finished mixed closing in the upper half of their trading ranges on mixed volume. The financial sector has been taking it on the chin as the yield curve continues to flatten, spurring concerns about interest margins for lenders. The financials ETF XLF closed just below its 200-day moving average.
Focus List Notes:
ANET held the 20-dema yesterday as volume dried up to -41% below-average. This puts it in a lower-risk entry position using the 20-dema as a selling guide.
BABA held at its 20-dema yesterday on below-average volume, putting it in a lower-risk entry position using the 20-dema as a selling guide.
EA has closed above its 20-dema despite failing on a recent pocket pivot breakout attempt. It is possible that the stock could attempt to "re-breakout" if it can hold the lows of the past three days. Thus it could be considered more of an opportunistic entry here using the 116 level as a selling guide.
FB was added back to the Focus List yesterday after it issue a pocket pivot off the 10-dma and then closed at a new all-time closing high. This could be considered actionable here using the 10-dma as a tight selling guide, but any pullbacks towards the 10-dma would offer lower-risk entry opportunities.
FEYE was added to the Focus List by virtue yesterday's buyable gap-up move. This is actionable using the 15.45 intraday low of yesterday as your selling guide. The stock is moving above the 16 price level on the Equifax (EFX) hacking news.
SNAP was added to the Focus List yesterday after posting a bottom-fishing or roundabout type of pocket pivot as it came back up through the confluence of its 10-dma, 20-dema, and 50-dma. This is actionable here using the three moving averages as a selling guide.
TTWO posted a continuation pocket pivot yesterday on about average volume.
VRTX continues to hold tight along its 10-dma and 20-dema, and any pullbacks closer to the two moving averages have proven to be buyable over the past two days. It remains in buyable position, using the 20-dema as a tight selling guide.
Market Lab Report - Premarket Pulse 9/8/17
| Published: | 8 Sep 2017 09:20 ET |
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