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Market Lab Report - Pre-Market Pulse for Thursday, February 22, 2018

Note, on occasion, when we have nothing new of note to say, we will not send out a Pre-Market Pulse report.

Major market averages reversed after a sharp intraday rally on higher volume that saw the Dow Jones Industrials push up over 300 points on the day. However, the reversal was swift and steep, with the Dow closing down -166.97 points, or -0.67%, while the S&P 500 and NASDAQ Composite Indexes also reversed into the red. The NASDAQ, in particular was sporting a hefty rally early in the day before its gains evaporated and the index closed down -16.08 points, or -0.22%.

Futures are trading higher after reports on the latest weekly initial jobless claims count totalled 222,000 vs. est 233,000. Weakness is the economy suggests the Federal Reserve will not be able to aggressively hike rates. The market wants its punchbowl. Meanwhile, the Federal Reserve meeting minutes suggested policy makers will raise U.S. borrowing rates at a faster-than-expected pace. The bullish case is institutions hoping the economy is strong enough to withstand more rate hikes. The bearish case is hiking too aggressively will burst the QE bubble.

Focus List Notes:
All three names remaining on the list, AMZN, NFLX, and NVDA have formed v-shaped patterns that appear vulnerable to further downside as potential "double-top" formations coming after rapid down-then-up movements on the weekly charts, as discussed in the Focus List Review this past weekend. AMZN's daily chart, below, illustrates this V-shaped double-top appearance:

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