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Market Lab Report - Pre-Market Pulse for Tuesday, March 27, 2018

Major market indexes rallied sharply yesterday, after the S&P 500 Index found support at its 200-dma on Friday. Both the NASDAQ Composite and S&P 500 staged undercut & rally moves as they both pushed back above their March 2nd lows. The NASDAQ rallied a whopping 3.25% while the Dow posted its third largest point rise in history. Volume was lighter on both exchanges.

Futures are up as yesterday's bounce continues on hopeful news that trade negotiations between the U.S. and China will have a positive resolution. The U.S. Treasury Secretary said Sunday that he’s “cautiously hopeful” that the world’s two biggest economies will reach an agreement to avoid tariffs, and the Chinese Premier said he believes the two countries “both have the intelligence to resolve the issue,” according to an official statement issued late Monday.

Focus List Notes:
Concrete entry points occurred in the following Focus List names:
BB rallied back above its March 19th low, triggering a U&R entry. However, keep in mind that earnings are expected to be reported Wednesday after the close.
LITE is holding support just above its 20-dema, which can be viewed as a lower-risk entry position using the 20-dema as a tight selling guide.
NFLX pulled a U&R move as it rallied sharply back above its March 19th low at 307.34.
NVDA posted a U&R move, rallying above its own March 19th low at 236.25 and its 50-dma. Semiconductors benefited from talk that China may seek to import more chips in order to help offset its current trade balance with the U.S.
SQ held support at its 20-dema on light volume.
TEAM held support at its 50-dma. This could be considered lower-risk entry position using the 50-dma as a tight selling guide. Keep in mind that should TEAM fail to hold the 50-dma, it would transpose into a late-stage failed-base (LSFB) short-sale set-up.

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