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Market Lab Report - Pre-Market Pulse for Thursday, April 5, 2018

Major averages gapped down sharply at the open but reversed closing up strongly on lighter volume. The NASDAQ Composite Index led the way with a 1.45% gain. The S&P 500 and Dow Jones Industrials Indexes both held support at and around their 200-dmas. With the market and leading stocks in an oversold position, a reaction rally is not surprising, especially with Kudlow alleging there would be no trade war, though of course the situation remains fluid. The question is just how far this will carry given the continued news-orientation that pervades this environment.

Futures are trading higher as beaten down tech stocks bounce and trade war concerns somewhat diminish. This is the second day of the rally attempt.

Focus List Notes:
NFLX closed above its prior March 2nd low and just below its 50-dma. For now it is a question of whether the stock can hold above the March 2nd low, keeping the current U&R move in play. A move above the 50-dma would provide strong confirmation of this.
NVDA again closed above its prior March 2nd low yesterday on strong-volume bringing the U&R set-up back into play while using the prior 221.85 low as a selling guide.
FTNT continues to hold support along the lows of its current three-week range and the 20-dema.
LITE found support at its 50-dma, which we viewed as the final level of support for the stock. The stock also closed 1.1% above the 10-week moving average after dipping below it earlier in the day. The 10-week line serves as the most solid level of support for the stock following a move that came straight up from the bottom of the base.
SQ gapped well below its 50-dma today but reversed to close just above the line. Volume was light, but the stock is still stubbornly finding support at the prior cup-with-handle breakout point and the 50-dma, keeping it in a lower-risk entry position.
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