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Market Lab Report - Premarket Pulse 9/26/17

Major averages fell on higher, above average volume, closing roughly midbar. Technology leaders and Chinese stocks were pummeled. All the FAANG names are below their respective 50-day moving averages except for NFLX which tried to get support at its 50-day but closed just above it on higher, above average volume.

Fed Chair Janet Yellen is scheduled to give a speech titled "Inflation, Uncertainty, and Monetary Policy" in Cleveland today at 12:45 ET. Fed funds futures puts the odds of a hike later this year at 77.9%.

Several other Fed officials will also speak today, including Cleveland Fed President Loretta Mester (non-FOMC voter) at 9:30 ET, Fed Governor Lael Brainard at 10:30 ET, and Atlanta Fed President Raphael Bostic (non-FOMC voter) at 12:30 ET.


Focus List Notes:

Most  of the names on the list broke apart yesterday on heavy selling volume as big-stock NASDAQ and tech names were pummeled in a show of abnormal distribution.

ANET broke sharply off of Friday's new-high peak on heavy volume yesterday but held above the 179.71 peak of its prior base. A breach of the 20-dema would set this into play as a late-stage failed-base, so caution is advised if one has not sold already based on yesterday's action.

BABA broke below its 20-dema yesterday on very heavy selling volume. In our view, the 20-dema serves as a reasonable selling guide, as discussed before, so the breach of the line is a bearish development.

EA broke below its 50-dma on heavy selling volume. It has been removed from the list.

FB broke sharply below its 50-dma on very heavy sellingr volume. It has been removed from the list.

FEYE held up reasonably well yesterday, but we would advise using the 20-dema as a selling guide to keep risk under control.

NFLX broke below its 10-dma and 20-dema yesterday on heavy selling volume, but found support at the 50-dma, closing just above the line. This already looks quite bearish, and a breach of the 50-dma would, in our view, represent the maximum downside selling guide for the stock.

TTWO broke sharply below its 20-dema yesterday on heavy selling volume. We would use the 20-dema as a selling guide.

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