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Market Lab Report - Premarket Pulse for Tuesday, February 13, 2018

Major market averages continued their oversold rally but remain below their 50-dmas. Volume declined from Friday's high levels. This implies that the rally could continue at least up to the 50-dmas. If the indexes continue blasting higher and clear the 50-dmas, then we are back to the typical post-sell-off "melt-up" that we have seen time and time again in a QE-dominated market. While the indexes bounce sharply, however, broken down former leaders still remain in near-term downtrends.

Futures are trading lower after the bounce. More than three-fifths of the companies on the S&P 500 have reported earnings, with nearly 78 percent of them topping profit expectations which is above the 72 percent average beat-rate in the past four quarters. That said, companies have been aggressively buying back stock which artificially boosts earnings. 

Focus List Notes:
AMZN rallied back above its 20-dema on above-average volume.
NFLX also rallied back above its 20-dema, but on light volume.
NVDA is attempting to stabilize around its 20-dema, but was down yesterday in the midst of a strong index rally, closing just below its 20-dema.

All three of these names likely need to tighten up after several days of wide, volatile price ranges. Unless one is attempting to take advantage of deep sell-offs into areas of support, such as was the case with AMZN last Friday at the 50-dma, it is best to stand aside and wait for lower-risk set-ups to develop.

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