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Market Lab Report - Pre-Market Pulse for Wednesday, June 20, 2018

Major averages sold off yesterday on higher volume as the U.S.-China "Trade Tiff" escalated. The Trump Administration on Monday night threatened to levy a 10% tariff on $200 billion worth of Chinese goods and services, upping the ante after both the U.S. and China each announced tariffs on $50 billion worth of each others' goods and services. The indexes closed off their lows, but the action still qualified as another distribution day. The ongoing Trade Tiff creates an environment of uncertainty and fragility, and may continue to impose some volatility on the indexes and individual stocks, particularly those most sensitive to such tariffs. Thus, we saw names like Apple (AAPL), Caterpillar (CAT) and Boeing (BA) sell off hard yesterday on heavy volume.

Futures are up at the time of this writing as the overall market continues to show resilience in the face of the trade war with China. The risk on small cap Russell 2000 index closed at new highs yesterday.

Focus List Notes:
AMZN posted a new all-time high on slightly above-average volume.
BZUN dropped below its 20-dema, but was able to close just above the line as it recovered sharply off the intraday lows.
FTNT found support at its 20-dema, which is the prescribed entry point using the 20-dema as a tight selling guide.
NFLX pushed through the $400 Century Mark, which technically triggers a buy signal at the 400 price point based on Jesse Livermore's Century Mark Rule. The stock was helped along by some analyst recommendations, one of which reiterated a $420 price target, and the other a $500 price target.
NVDA broke below its 20-dema early in the day, but managed to recover and trade back above the line by the close.
SQ found support at its 10-dma and closed near the highs of its daily trading range.

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