Major averages fell on higher though below average volume. The majors were up seven days in a row so the pause, albeit minor, could be expected. Futures are up at the time of this writing.
The fed funds futures CME FedWatch tool expects the Fed will raise the fed funds rate again at the June 13-14 FOMC meeting, but then may hold off on another rate hike until 2018 as odds of a hike after the June meeting have fallen to 45.3% for the remainder of 2017, down from 53.5% a week ago.
Focus List Review
AMZN cleared the $1,000 mark yesterday morning but failed to follow through, closing just below the Millennium Mark as buying interest waned. The century mark rule would apply especially for such a milestone.
MOMO closed below its 50-dma on volume that was 70% above average. This put the stock in position for a possible violation of the 50-dma.
SNAP held support at the 20-dema as volume came in at -59% below average and then closed back above the 50-dma. This puts the stock in a lower-risk entry position using either the 20-dema or the 50-dma as tight selling guides.
TSLA broke out on volume that was 28% above-average. This could be considered a buyable move using the top of the short three-week flag at 327.66 as a tight selling guide.
WIX moved to higher highs early in the day yesterday but turned back to the downside on an outside reversal as selling volume increased but remained -28% below average.
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