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Market Lab Report - Premarket Pulse 4/7/17

Published : April 7 2017 at 9:19 ET

Major averages rose on lower volume, a somewhat weak bounce overall. 

After market action saw futures take a dive as a U.S. airstrike against Syria rattled markets. The airstrike using Tomahawk cruise missiles came after President Donald Trump condemned Tuesday’s apparent chemical attack in Syria which killed scores of civilians. “What Assad did is terrible,” Trump said on Thursday as he traveled to Florida on Air Force One. “What happened in Syria is truly one of the egregious crimes and it shouldn’t have happened.”

Futures have since clawed their way back to almost breakeven. 

March nonfarm payrolls hit 98,000 vs. est 180,000. The prior month's reading was revised to 219,000 from 235,000. Nonfarm private payrolls added 89,000 vs. est 175,000. The unemployment rate fell to 4.5% vs. est 4.7%

Average hourly earnings increased 0.2% vs. est +0.3%, while the previous month's reading was revised to +0.3% (from +0.2%). The average workweek was reported at 34.3 vs. est 34.4. The previous month's reading was revised down to 34.3 from 34.4.

Focus List Review: 

Naturally with elevated levels of volatility due to recent news events, one should adhere to their stops, but also keep an eye out for possible undercut and rally situations where risk is kept to a minimum. Syria should be short-lived but other factors such as tax reform in the days and weeks ahead could cause a far deeper correction. As always, dont try to anticipate, but instead, watch your stocks.

AMZN dipped below the $900 Century Mark on heavy selling volume yesterday. This would imply that a test of the 10-dma or 20-dema is likely.

BABA is holding tight along its 10-dma and 20-dema as volume dried up to -42% below average yesterday, which qualifies as "voodoo" action.

BZUN is holding tight along its 10-dma and 20-dema as volume dried up to -18% below average yesterday.

CC held on a test of the 10-dma with volume drying up to -35% below average yesterday.

COHR pulled into its 20-dema on a voodoo volume signature at -48% below average.

NFLX is sitting right at its 50-dma with volume declining to -34% below average, not quite voodoo volume levels, but a reasonable volume dry-up given its large-cap status.

NTES is sitting just below its 50-dma but has technically not yet issued a 50-dma violation. Selling volume has dried up here, so this does set up the possibility that it could retake its 50-dma on the upside, which should be watched for.

TSLA is holding tight just under the $300 Century Mark. Watch for the stock to potentially retake the 300 price level, setting off Livermore's Century Mark Buy Rule if it can do so decisively.


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