Major market averages continued higher as every major index except for the small-cap Russell 2000 posted a new all-time high, including the broad NYSE Composite Index.Volume was obviously lighter than Friday's bloated triple-witching options expiration volume levels but still above-average on both the NYSE and NASDAQ exchanges.
Names discussed in the weekend Focus List Review as potential turnarounds in "Ugly Duckling" fashion, such as Nvidia (NVDA) and Weibo (WB), powered higher. Take-Two Interactive (TTWO) gapped up at the open and then reversed to close back near its 50-dma, which technically puts it back in a buyable position along the 50-dma.
NVDA continues higher after posting a U&R long set-up on Friday as it came up through the prior late October low:
WB plowed right through its 50-dma, as we theorized it might over the weekend, triggering a moving-average undrecut & rally long set-up as it crossed the line early yesterday morning:
This morning futures are mixed this morning as the market awaits and anticipates an impending vote on the final "tax reform" legislation in both the House and Senate today and/or tomorrow.
Focus List Notes:
CAT rermains extended as it made a higher high yesterday.
FB remains is in a position slightly extended from its 20-dema, so we would look for pullbacks to the 20-dema as perhaps lower-risk entry opportunities.
Market Lab Report - Premarket Pulse for Tuesday, December 19, 2017
|Published:||19 Dec 2017 08:51 ET|
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