Major indexes reversed after opening to the upside yesterday on higher volume, a bearish move. All of the major indexes posted outside reversal to the downside. Leading stocks continue to break down.
Futures are attempting to bounce after yesterday's hard sell off. Asian shares dropped to a 9-month low as measured by MSCI's broadest index of Asia-Pacific shares ex-Japan have fallen 0.59 percent. The mounting trade wars are creating selling pressure across the world's equity markets as American protectionism could turn into a big drag on the global economy. As one example, a group representing major South Korean auto makers on Thursday asked the US for an exemption from a potential tariff on automobile imports, reportedly citing a security alliance and a bilateral trade deal.
And while President Donald Trump’s administration seemed to back away from a tough crackdown on Chinese investment in the US, strategists are still sounding wary about what could be ahead. “The bitter U.S.-China row could pick up steam anytime, so we would not bank too much on Trump’s current softening stance,” said Naeem Aslam, chief market analyst at Think Markets UK.
Focus List Notes:
AMZN ran into resistance at its 10-dma and reversed to close below its 20-dema in a bearish move.
BZUN closed below its 50-dma on heavy selling volume.
FTNT closed below its 20-dema.
NFLX reversed at its 10-dma.
NVDA is now living below its 50-dma. The stock rallied into its 50-dma yesterday morning and reversed to close down in a very ugly downside outside reversal.
SQ reversed at its 10-dma and closed below its 20-dema on heavy volume. As with other Focus List names, the move came on an ugly outside reversal to the downside.
Market Lab Report - Pre-Market Pulse for Thursday, June 28, 2018
| Published: | 28 Jun 2018 07:28 ET |
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