Mercadolibre Inc. (MELI -$0.03 or -0.06% to $53.05) negatively reversed for a loss on higher volume today, an indication it was encountering more distributional pressure while challenging previously stubborn resistance. The Latin American Internet - eCommerce firm was featured in yellow in today's mid-day report (read here) and noted as it traded within 5 cents of its 52-week high. It rallied back impressively from last week's test of support at its long-term 200-day moving average (DMA) line. That long-time average acted as a firm support level in the early part of the year. The high-ranked leader's pivot point is based upon its 12/28/09 high plus ten cents. Top-rated funds owning an interest rose from 62 in Dec '08 to 102 in Mar '10, which is encouraging concerning the I criteria. Its strong quarterly earnings and annual earnings history satisfy the C and A criteria.  Disciplined investors will watch for a proper technical buy signal.  It is an ideal candidate for one's watch list while awaiting the new rally effort's confirmation in the form of a sound follow-through day of gains from at least one of the major averages on higher volume.