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Market Lab Report - Pre-Market Pulse for Friday, March 16, 2018

Major market averages closed mixed as the Dow rallied while all other major market indexes closed down. The S&P 500 closed just below its 50-dma on higher NYSE volume. NASDAQ volume was lighter as the NASDAQ Composite sold off 2/10ths of a percent. It continues to pull back towards its prior breakout point in the 7437-38 price area, but remains well above that price level.

Futures are roughly flat at the time of this writing. Investors are  looking ahead to the Federal Reserve’s monetary policy meeting next week. The fed-fund futures market is betting there is a 91.6% chance of a 0.25 percentage point rate increase on March 21, according to the CME's FedWatch Tool.

Major averages have pulled back this week largely due to persistent worries about a potential global trade war, particularly between the U.S. and China. The Trump administration has been aggressive about protective levies. Personnel changes in the White House have also accounted for market instability including the departure of Rex Tillerson as secretary of state and the possible replacement of national security adviser Lt. Gen. H.R. McMaster. 

Today is quadruple-witching day which often leads to greater volatility and trading volume for markets.

Focus List Notes:
AMAT continues to hold near-term support at the 10-dma.
BB posted a pocket pivot as it gapped up at the open and rallied to higher highs. The stock was previously buyable along the 50-dma per our prior notes.
NFLX is holding tight right at its 10-dma on volume that was -54% below-average yesterday. This could be considered a lower-risk add point, using the 10-dma as a selling guide for shares purchased up at current price levels.
NVDA continues to hold tight along the highs of its current base and should be watched for a possible breakout.
TEAM has pulled into its 10-dma again as volume declined to -35% below-average. This would be a lower-risk entry point. 
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