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Market Lab Report - Premarket Pulse 5/24/17

Major averages rose mildly on lower volume. FOMC minutes are due at 2pm ET which is liable to be a repeat of their higher interest rates mandate. They are expected to hike two more times this year.

OPEC and non-OPEC nations begin their meeting in Vienna today, where they are expected to extend the supply cuts implemented in January. The outcome of the meeting will be announced in a joint press conference starting at 11:00 am ET.

Focus List Review

Most Focus List Names remain in extended positions and away from lower-risk entry points. This is the market's way of telling investors that this isn't the time to be aggressively entering new positions. Existing positions holding above near-term support at the 10-dma, 20-dema, or 50-dma should be allowed to correct as normal, while paying attention to one's trailing stops.

BZUN has dipped below its 10-dma on above-average volume. A test of the 20-dema may be in the cards.

MOMO reversed hard on heavy selling volume after anouncing earnings but was able to hold above its 10-dma. This likely needs some time to settle down and stabilize, at best.

SNAP is holding tight in a short bull flag as volume dries up sharply. This may be a constructive retest of the prior lows where the stock is not giving up much of the prior gains off the lows seen early last week.

TSLA has moved to lower lows, and looks to be set to test its 50-dma, which should serve as a maximum selling guide.

NOW managed to get support at its century mark level, finishing at the top end of its trading range.

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