EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Wednesday: CNQR, CRM, DBD, GMCR, LOW, SJM, SPLS, TGT, WSM Thursday: ADSK, BBY, BKE, DLTR, GME, GPS, INTU, MRVL, PLCE, ROST, SPLK MARKET NOTE: One day up, next day down. That's the market we live in. Yesterday, the Russell 2000 had a chance to make a statement as it led the action higher. But ultimately, its rally ended short of clearing overhead resistance on its hourly chart at the now-declining 20 day EMA and 50 day SMA. I'd like to see the bulls clear those two moving averages to unlock the potential of further appreciation. To the downside, the Russell 2000 fell beneath 20 day EMA, price and gap support earlier in the session. It would be more bullish to see this small cap index rally and close above some, if not all, of these benchmarks. The other major indices have yet to test their initial support at rising 20 day EMAs. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List: AMGN - Consolidating in a flag pattern between 156 and 164. BMY - Also consolidating in a flag pattern between 57.40 and 59.00. ILMN - Has found a bit of resistance near last week's intraweek high just shy of 192. RAX - Volume slowing as it establishes a short-term trading range from 40.50 to 44.00. Mid Cap Watch List: CRS - Thus far holding that rising 20 day EMA - bullish action. INFN - Weakness today has triggered our initial entry at 13.50. Nice level as it's now retreated 10% off recent high. IRBT - The roller coaster ride between 34 and 36 hasn't ended yet. MLNX - Remains in its recent symmetrical triangle pattern and tested the bottom side of it earlier today on fairly light volume. SNCR - A downgrade took SNCR significantly lower today, triggering our final entry of 42.50. We have a closing stop of 41.50, but this one is quite volatile and also shows support at 38.20 and 36.16. Volume is extremely heavy today, so we'll keep our closing stop of 41.50 intact. Small Cap Watch List: No comments at this time. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are triggered. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com