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Market Lab Report - Premarket Pulse 6/29/17

Major averages rose, closing near intraday highs on lower volume which reversed the prior day's losses. Financials led as banks are on the rise once again after it was anticipated they would pass the Fed test which they did.

Bank of England Gov. Mark Carney said Wednesday the case for raising interest rates in the UK may strengthen in the coming months if the economy keeps pace, despite weak consumer spending, in the form of increasing wage growth. The BOE's benchmark rate has been kept at a record low of 0.25%. This comes on the heels of the ECB also suggesting slowing the pace of QE should economic strength manifest.. Notably, the Bank of Canada’s Stephen Poloz chimed in saying low rates have done their job, suggesting higher rates ahead over in Canada. One analyst called it a “tightening slugfest." 

Meanwhile, NASDAQ futures are lower by more than half a percent while S&P futures are trade slightly higher. Tech stocks have been lagging over the last few weeks while financials which comprise a good portion of the S&P 500 have outpaced the general market on the basis of the roll back of Dodd-Frank.

Focus List Notes

Several names on the list bounced off of support in conjunction with the NASDAQ Composite bouncing off of its 50-dma.

AAOI is attempting to hold support at the top of its prior base as it sits just 15 cents below its 50-dma.

AMZN bounced sharply off of its 50-dma

APPN pulled into its 10-dma on a "voodoo" volume signature that was -44.2% below average.

BZUN found support at its 20-dema yesterday on increased but below-average volume.

FB found support at its 50-dma but remains in a choppy pattern.

LITE closed below its 20-dema.

TSLA found support at its 20-dema.

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