Major averages fell yesterday on higher volume that was easily accomplished after Thursday's half-session, but was still below average. A number of leading stocks took it on the chin, not surprising after a number of leading names have performed well leading up to today's backtrack. Nevertheless, the uptrend remains intact. This, however, is not a reason to ignore negative action in any leading stock you own and which is showing concrete selling signs.
3-D bioprinting stock Organovo Holdings (ONVO) cleared the highs of a 1-week handle yesterday on enough volume to qualify for a pocket pivot. We first mentioned ONVO on July 1 after the stock cleared its 200dma then retraced on lower volume back to its 200dma where it got support. Such action can be considered bullish, so while the initial pocket pivot through the 200dma gave us pause, subsequent price/volume action pushed ONVO back to being actionable.
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