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Market Lab Report - Premarket Pulse 6/16/17

Major averages fell, gapping lower, then managed to close near the top end of their respective trading ranges on lower volume. Concern remains that the Fed plans to hike rates once more this year as well as plans to reduce its balance sheet while remaining seemingly unconcerned about the slowdown in the US economy. Global central banks are also starting to hint at tapering their respective QE programs, though this is probably just more jawboning as the global economy is not yet  ready to be removed from the QE morphine drip.

“These two factors combined, along with further weakness in the U.S. tech sector, played into the risk averse mood amongst equity investors as they began to mull the possibility of tighter policy, not only from the U.S. Federal Reserve, but also the Bank of England, not to mention the prospect of a discussion on tapering from the European Central Bank before the end of the year,” chief market analyst at CMC Markets UK said.

Focus List Review

Stocks that remain on the list are attempting to stabilized with several finding support at their 50-dmas yesterday: AAOI, AMZN, COHR, and FB.

BABA, SQ, LITE, and NVDA held pullbacks to their 10-dma and/or 20-dema lines.

Stocks pulling into their 50-dmas are relatively deep in their patterns, so they may need to retest near-term support in a stabilization effort before recovering more completely, assuming that they will.

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