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Market Lab Report - Pre-Market Pulse for Wednesday, March 21, 2018

Major market indexes rebounded yesterday after Tuesday's sell-off, but on lighter volume. The NASDAQ Composite's rebound was logical after it found intraday support at its 50-dma yesterday, while the S&P 500 is merely bouncing back up to its own 50-dma. On a percentage basis, the moves were tepid and breadth was feeble as decliners outpaced advances on the NYSE by 1657 to 1265 and by 1464 to 853 on the NASDAQ.

The Fed concludes their two-day meeting today and is expected to increase interest rates by 25 basis points. CME Group puts the odds of a 0.25% rate increase at 90%.

Futures are slightly lower as the market awaits the Fed's predictable decision on interest rates. Investors will focus on the Fed's language as to whether a fourth rate hike for this year is in the offing. Should the Fed suggest a fourth hike, they realize that while an aggressive stance justifies their outlook for a stronger economy, having to undo it later in the year should a weakening global economy spillover into the U.S. economy will have bearish consequences.

Focus List Notes:
All of our Focus List names found support at logical areas Tuesday and continued to rally yesterday. Despite the weak market breadth, all Focus List names were up on the day.
AMZN found support at its 20-dema and rebounded back up through its 10-dma.
AMAT held at its 20-dema early in the day and rallied off the line on light volume.
BB posted another pocket pivot on news of a collaboration with Microsoft, but closed near its intraday lows. We like this closer to the 10-dma at 12.85 if this reversal continues.
BZUN bounced off its 10-dma and rebounded to new highs.
FTNT continued to rally after finding support at its 20-dema Tuesday, but stopped short of its 10-dma.
LITE is holding along and just below its 10-dma, but we like it closer to the 20-dema at 65.79.
NFLX continued to rally off the 20-dema after finding support at the line on Tuesday, but remains just below its 10-dma.
NVDA continued to rally off the 50-dma and regained its 20-dema and 10-dma in the process.
SQ rallied to new highs yesterday and posted a continuation pocket pivot at the 10-dma.
TEAM is sitting between its 10-dma and 20-dema. Pullbacks to the 20-dema would represent the best lower-risk entries.
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