Major Indexes sold off yesterday on higher volume, logging a distribution day. The market slumped late in the day on news that the Trump Administration was looking to move forward with tariffs on $200 billion more of Chinese goods and services next week. The indexes were already extended on the upside, so a pullback, particularly on news, was not unexpected.
Focus List Notes:
AMZN cleared the $2,000 price level for the first time ever, closing just above the two-millennium mark but stalling on the day on higher volume. The stock is extended.
BZUN failed at its 50-dma, mostly thanks to the new tariff news, on higher volume.
FTNT posted another all-time high Friday on higher volume.
SQ has gone short-term parabolic after receiving an analyst's upgrade and $100 price target on Wednesday. The stock was last buyable at the 10-dma two weeks ago, per our comments at that time.
Market Lab Report - After the Close for Friday, August 31, 2018
| Published: | 1 Sep 2018 08:14 ET |
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