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Market Lab Report - Pre-Market Pulse 5/24/18

After an opening gap-down the major market indexes found solace in the release of the Fed meeting minutes, reversing back to the upside and closing near the tops of their price ranges on higher volume yesterday. The NASDAQ Composite and S&P 500 Indexes posted higher closing highs. The tight action over the past two weeks has been more constructive than any we've seen since the end of January when the market initially topped out, and we may see the larger-cap indexes make a run for their prior highs. The small-cap Russell 200 Index has already been at new highs, and yesterday pulled right back to the top of its prior base breakout and held, which is constructive.

Futures turned lower due to worries about North Korea which offset Federal Reserve minutes that were viewed as dovish. North Korea’s senior envoy renewed a threat to call off a June summit with President Donald Trump. Choe Son Hui, the isolated nation’s vice minister of foreign affairs, said if the talks didn’t go ahead, the U.S. could instead face off with North Korea in a “nuclear-to-nuclear showdown.”

Focus List Notes:
BZUN held at its prior breakout point where it was buyable per our notes of yesterday morning. It then launched higher yesterday on strong volume and is now extended.
NFLX broke out yesterday on a pocket pivot move, but this comes on the heels of Monday's pocket pivot which we noted in our Tuesday morning Focus List Notes. The move also constitutes a re-breakout type of situation, one that is not uncommon for this market.
With NFLX breaking out again, we would look for both AMZN and NVDA to do the same, with the idea of using the 20-demas for both as tight selling guides.
FTNT found support again at its 20-dema and closed positive. It has been buyable on pullbacks to the 20-dema.
SQ found support near its 20-dema and closed positive on the day yesterday. The stock is forming a cup-with-handle pattern and may be setting up for another breakout. In the meantime, we would look to buy shares on any pullbacks from current levels, with the idea of using the 20-dema as a tight selling guide.
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