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Market Lab Report - Premarket Pulse 2/3/17

Major averages finished flat to mildly lower yesterday on lower volume, closing in the middle to upper half of their trading ranges. AMZN is gapping lower this morning after announcing light earnings due to weak holiday sales yesterday after the close.

January nonfarm payrolls came in at 227,000 vs estimates of 170,000. The prior month's reading was revised to 157,000 from 156,000. Nonfarm private payrolls added 237,000 vs estimates of 175,000. The unemployment rate increased to 4.8% vs estimates of 4.7%.

The strong report gives the Federal Reserve more room to hike interest rates. President Donald Trump has vowed to make jobs the central focus of his White House. Republicans plan to offer a mix of tax cuts, reduced regulation, and more spending on public works.

Focus List Update

AGX pulled back to its 50-day moving average, which remains the primary selling guide based on the Seven-Week Rule.

CUDA pulls down into its 50-day moving average after Wednesday's pocket pivot.

FB reversed on a breakout attempt yesterday following earning and closed right at its 10-day line on heavy selling volume. The action is questionable.

MOMO is holding tight along the 10-day and 20-day moving averages.

MOS is trying to hold support along the 20-day moving average.

NFLX dipped below it 10-day moving average. The stock has been unable to generate any substantial upside following its buyable gap-up of over two weeks ago. Other tech juggernauts such as FB, AMZN, and GOOGL have been having trouble as of late.

NVDA moved closer to its prior highs near 120.

X posted a somewhat bizarre pocket pivot yesterday after getting hit with heavy selling volume the day before. It is looking to open down about 80 cents this morning, however, as it seems to maintain a schizophrenic character.

VEEV posted a pocket pivot at its 10-day moving average, but just missed closing above its 50-day movng average.

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