Major averages finished roughly flat on lower volume near the top end of their trading ranges. The undercut & rally by the NASDAQ Composite and NASDAQ-100 failed by moving to new intraday lows, but don't discount the possibility of another try at an undercut & rally. These patterns don't always succeed on the first try. Thus have your watch list of stocks at the ready, some which may create profitable, low risk entry points.
Focus List Notes:
ANET is holding tight along its 10-dma, which would put it in a lower-risk entry position using the 10-dma as a tight selling guide.
APPN is holding right at its 20-dema as volume declined to -83% yesterday. This would put it in a lower-risk entry position using the 20 price level, about 2% below the 20-dema, as a selling guide.
BZUN reported earnings this morning and is gapping down about 6% and is right at its 20-dema in pre-open trade at this time of writing. The 20-dema would serve as a nearby selling guide which of course puts the stock in sell territory after a strong upside move since we first put it on the Focus List closer to the 15-16 price level earlier in the year.
NFLX is attempting to hold support at the 50-dma although it did stall and churn around the line yesterday on lighter volume. This could be a lower-risk entry position here using the 50-dma as a tight selling guide, but a clean breach of the 50-dma would bring this into play as a short-sale target.
Short-Sale Notes: TSLA has moved further below its 50-dma and is approaching the lows of its prior gap-up move of August 3rd. That might provide a near-term support level, otherwise look for an undercut of the prior 311.22 low of August 2nd as a potential near-term downside target.
Market Lab Report - Premarket Pulse 8/22/17
| Published: | 22 Aug 2017 09:21 ET |
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