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Market Lab Report - Premarket Pulse 6/14/17

Major averages rose on lower volume as technology stocks continued their bounce which, so far, is weak. Such low volume bounces can, however, result in markets baby stepping higher as they did after March 21 and May 17 in this era of QE. Of course, that is no reason to assume markets won't roll over in the coming days. Remain fluid to either possibility.

Later today, the Federal Reserve concludes their two-day meeting today at 2pm ET when they announce their decision on a rate hike. CME Fed Futures have priced in a rate hike at this meeting, but odds stand at 52.2% of another rate hike by December. Investors will be focused on the dot plot, changes to the central bank’s economic projections, the tone of Yellen’s speech, and their plans to reduce the balance sheet. Prior nonfarm payrolls came in weak while GDP has been limping along, so the Fed will most likely need to see evidence of renewed economic strength before hiking again in December.

Focus List Review

Most names on the list are rebounding with the market, but most of these rallies are running into potential resistance.

Running into potential resistance at the 10-dma: ANET, SQ, TRVG,

Running into potential resistance at or just below the 20-dema: AAOI, AMZN, BOX, BZUN, COHR, FB, JD, NOW, TTD, VEEV.

Running into potential resistance at or just below the 50-dma: MOMO, NFLX, WIX.

In all of the above cases the action can be considered tenuous, with more downside and retests of near-term lows a distinct possibility. However, regaining and holding above any of these moving averages could be a positive, although it may also require some time for stabilization and tightening up of the patterns, most of which are quite "loose."

BABA opened up strongly yesterday but reversed to post its lowest close since last Thursday's BGU. Near-term support lies at the 135.21 intraday low of Thursday's BGU price range.

CC traded back above its 50-dma on increased but below average volume. If it can hold along the 50-dma it may remain viable, although that will likely depend on what the general market does from here.

TSLA posted an all-time closing high after an analyst raised the stock's rating from "hold" to "buy." This of course raises the question as to just where this analyst was when the stock was breaking out of a short flag formation around 325 two weeks ago.

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