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Market Lab Report - Premarket Pulse for Tuesday, April 17, 2018

Major market indexes rallied up to their 50-dmas yesterday and stalled slightly on higher volume. The 50-dma may present a major test for the indexes, but if they can successfully regain their 50-dmas it would certainly add confirmation to last week's follow-through. The primary issue, however, remains finding suitable new leaders that have the potential to post big price moves. So far, the pickings have been rather slim.

Futures are up about half a percent at the time of this writing on positive earnings news out of NFLX which is up about 7% in pre-market trading after it clobbered estimates for subscriber growth in the first quarter, and the company raised its profit guidance for Q2. Goldman Sachs (GS), Johnson & Johnson (JNJ), and UnitedHealth (UNH) are also trading higher on strong earnings.

Focus List Notes:

FTNT posted a new all-time high yesterday, but volume was -34% below-average. Earnings are expected on May 3rd.
LITE was hit hard after the Commerce Dept. announced a ban on sales of optical products to Chinese company ZTE. The news crushed optical names across the board.
NFLX reported earnings after the close yesterday and is set to gap up this morning. In after-hours trade it was unable to clear its prior early March highs.
SQ violated its 50-dma, However, it remains roughly right at its prior cup-with-handle breakout point in the 47 price area.
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