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Market Lab Report - Premarket Pulse for Wednesday, January 24, 2018

The S&P 500 and NASDAQ Indexes forged new highs yesterday on mixed volume as the 2018 market rally continues. Both indexes have been up 12 out of 15 days in a row to start the year off. Both are extended from their 10-day lines.

Futures are currently trading higher while the U.S. Dollar Index (DXY) hit a new three-year low. Its downtrend started in October 2016 and is the steepest drop it has had since 2010. The U.S. Dollar Index tracks the strength of the dollar against a basket of currencies. In recent years, the strength of the U.S. dollar has fallen against other currencies as a result of U.S. monetary policy.

Focus List Notes:
COHR blew through its 50-dma yesterday on heavy volume and should have been sold at that point. The stock was already under pressure from the prior day and has been removed from the Focus List.
NFLX gapped up after earnings and closed below its opening price. It set an intraday low at 248.02 but closed less than 1% above that price level. As we wrote in yesterday's notes, the stock was already in an extended position so it would be difficult to consider yesterday's move to be an outright buyable gap-up. We would watch, however, to see how well it can hold the 248.02 low of yesterday.
BABA held support along its 20-dema and rallied as we suspected it might per our prior notes on the stock.
SQ is holding its prior breakout from a cup-with-low-handle formation. It was previously buyable on the pocket pivot through the 50-dma over two weeks ago and has acted well since then.

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