Major indexes appeared to be headed for a potential follow-through day yesterday throughout most of the trading day, but in the final two hours of trade stalled out badly on lighter volume. The indexes have been trapped in bear flags as they bounce along their 200-dmas but remain above their recent lows. Combined with the weak stalling action seen in a broad swath of individual stocks, the action remains poor, however, although the indexes remain in position for possible follow-through days.
Futures are gapping higher by more than one percent on news Chinese President Xi Jinping pledged to open the country’s markets. Xi said Beijing is developing plans to give foreign companies greater access to financial and manufacturing sectors. These include a cut in tariffs on car imports and an improvement in protection of intellectual property, among other measures. While Xi remained quiet on the trade issues with the U.S., his intended actions address some of Trump's biggest complaints about trade with China. “In a world aspiring for peace and development, the Cold War and zero-sum mentality look even more out of place,” said Xi.
Focus List Notes:
Big-stock NASDAQ names AMZN, NFLX, and NVDA all stalled with the general market to close in the extreme lower end of their daily trading ranges after moving sharply higher earlier in the day. BZUN made the best showing on the day, up 5.81% on above-average volume, but remains within a four-week base.
Market Lab Report - Pre-Market Pulse for Tuesday, April 10, 2018
| Published: | 10 Apr 2018 08:33 ET |
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