Major averages finished about flat though near the lower end of their trading ranges on mixed volume.
Futures are up slightly as March durable goods orders rose 0.7% vs. est 1.2%, and weekly initial jobless claims count totaled 257,000 vs. est 242,000.
A number of leading Chinese names (BABA, JD, etc) continue to trend higher while BZUN attempts to mend its sharp pullback after its prior breakout.
MOMO undercut the prior 36.26 low in its pattern from last week after selling off at the open yesterday. It also undercut the 20-dema but was able to rally back above the line and close near the highs of its daily trading range. Also, the move back up through the 36.26 low created an undercut & rally (U&R) long set-up at that point, using the 36.26 level as a tight selling guide. The stock closed at 37.43 in what shows up as supporting action at the 20-dema.
NFLX broke out to new highs on Tuesday, and yesterday pulled back in towards the breakout point at 148.29. This puts it within buying range of the breakout.
SNAP has posted two five-day pocket pivots in a row along its 20-dema. We generally like to see clusters of five-day pocket pivots in lieu of a single ten-day pocket pivot. This puts the stock in a lower-risk entry position using the 20-dema or the 10-dma as selling guides.
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