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Market Lab Report - Pre-Market Pulse for Wednesday, July 18, 2018

Major averages rallied yesterday on slightly higher volume, overcoming initial weakness after Netflix (NFLX) gapped down following earnings.

Futures are roughly flat at the time of this writing. Investors are sidelined as they wait to hear from Fed boss Powell to deliver his semiannual testimony to the House Financial Services Committee at 10 a.m. Eastern Time. In his appearance before the Senate Banking Committee on Tuesday, Powell presented an upbeat outlook for the U.S. economy and indicated interest rates will continue to go up every three months “for now.” The central bank chief admitted, however, that global trade wars and fiscal policy are key areas of uncertainty. Contrary to Powell's remarks, the global economy remains fragile suggesting that an aggressive stance by the Fed on interest rate hikes seems unlikely to be realized, and a trade war would only further weaken the global situation.

Focus List Notes:
Netflix (NFLX) gapped down 12% yesterday at the open after missing on earnings Monday after the close. The stock rallied off its lows all day and eventually closed back above its 50-dma on very heavy volume. Several analysts came out with buy recommendations, helping to buoy the stock and cutting the day's loss to -5.24%. We would watch to see how well the stock can hold above the 50-dma in the coming days.
Fortinet (FTNT) posted a pocket pivot off its 10-dma.
Square (SQ) posted a new all-time closing high on higher, but below-average volume.
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