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Market Lab Report - Premarket Pulse 7-7-17

Major averages fell on _ volume with the S&P 500 closing just under its 50-day moving average and the NASDAQ Composite closing just below its multi-week basing pattern. What was support has become resistance for most of the major averages. 

May nonfarm payrolls hit 222,000 vs. est 173,000. The prior month's reading was revised to 152,000 from 138,000. Nonfarm private payrolls added 187,000 vs. est 175,000. The previous month's reading was revised to 159,000 from 147,000.

The unemployment rate rose to 4.4% vs. est 4.3%. Average hourly earnings increased 0.2% vs. +0.3%, while the previous month's reading was revised to +0.1% (from +0.2%). The average workweek was reported at 34.5 vs. est 34.4. The previous month's reading was left unrevised at 34.4.

Futures are gapping higher on the strong jobs report.

Focus List Notes:

The long side of the market currently remains a higher-risk proposition and caution is advised.

AAOI is continuing to hold support at the top of the prior base and the 60 price level. While it is still trapped below its 50-dma it has not yet violated the line.

ANET violated its 50-dma yesterday.

LITE continues to hold maximum support at its 50-day moving average but remains below its 20-dema. This may be a failed breakout from a cup-with-high-handle formation, which would confirmed by a break below the 50-dma.

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