Major averages finished roughly flat to higher on mixed volume with the NASDAQ Composite closing just above its 50-day moving average. The bounce so far has been rather anemic as the market continues to struggle for direction.
A revised version of the GOP health care bill later this week will be proposed, but it remains unclear whether it will be passed. A delay in health care reform has been interpreted as a delay in tax reform since tax reform would come only after health care reform. The promise of tax reform has helped to move the stock market higher since the elections as it is believed that such a piece of legislation would significantly increase corporate earnings.
Focus List Notes:AAOI found support near its 20-dema yesterday and turned higher. Volume decline to -11% below average so this is not something we would chase here.
ANET regained its 50-dma on light volume.
APPN reversed near its early June highs after
Friday's trendline breakout. Volume was lighter but the stock would only reach a lower-risk entry position closer to its 10-dma and 20-dema, both of which are closer to the 18 price level.
BABA continues to hold tight along its 10-dma and remains in a lower-risk entry position using the 20-dema as a maximum selling guide.
TTWO is holding tight along its 10-dma and 20-dema, which would put it in a lower-risk entry using either moving average as a tight selling guide.
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