Scalper1 News
Major averages fell yesterday with the NASDAQ down on higher volume, adding yet another distribution day, while the S&P 500 was down on roughly even volume. Federal Reserve Chairwoman Janet Yellen spooked investors yesterday by spouting that stock valuations are âquite high” but the indexes were able to claw their way back by the close to finish roughly midbar. Still, all major averages are now under their respective 50-day moving averages. With the NASDAQ undercutting prior lows in April, the potential for a bounce exists as the market awaits tomorrow all-important jobs number. With the Fed admitting to “data dependence” in determining precisely when to begin raising interest rates, if at all, each new economic data point takes on added importance, and the market may remain volatile as a result of this keying on every bit of economic news coming down the pike. Tesla Motors (TSLA) released earnings after the close yesterday, and after initially rallying as high as the 237 price level is set to open below 224 at the time of this writing. In our view this puts TSLA into play as a short-sale target using the 200-day moving average at 227.19 as a guide for an upside stop. Chinese online e-commerce name Alibaba (BABA) is set to gap up nearly 10% at the open after beating on earnings, but the stock is not in any buyable position as it comes up off the extreme lows of its chart pattern. Scalper1 News
Scalper1 News