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Market Lab Report - Premarket Pulse for Thursday, December 7, 2017

Markets were mixed as large-cap NASDAQ 100 names rebounded, sending the index up 0.45% while the NASDAQ Composite Index rallied 0.21%. The Dow Jones Industrials came off -0.16% while the S&P 500 was flat, down a mere -0.01% on the day. With most beaten-down techs, internets, and other growth leaders extended on the downside, an oversold rally in these names is logical. This is so far leading to a shift in the prior divergence where the NYSE-based indexes were moving higher as the NASDAQ Composite and NASDAQ 100 Indexes were getting hit hard. Now the reverse is occurring, with Dow and S&P futures down this morning while NASDAQ futures rally. The divergences remain troubling, and for that reason we believe investors should continue to tread a cautious path.

Focus List Notes:
CAT pulled into its 10-dma as volume dried up, technically putting it in a lower-risk entry position at the line. The 20-dema would serve as a maximum selling guide. We would expect, however, that if the Dow and S&P 500 begin to join the NASDAQ with respect to more deleterious downside action, that CAT would breach near-term support, and for that reason we would remain very nimble with this stock if choosing to buy into this pullback.
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