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Market Lab Report - Premarket Pulse for Thursday, February 1, 2018

Major averages churned around on higher volume but still managed to close up on the day after the Fed held rates steady but indicated that a raise was likely at their next meeting. The market rallied, then reversed in bearish fashion, but by the close held up in positive territory. We would remain less fixated on the indexes and more attuned to what is going on with individual stocks.

The NASDAQ Composite is holding support at the 10-dma while the S&P 500 is trading just below the 10-dma, which appears to serve as near-term resistance. Within the context of the strong January rally, the pullback looks normal as many leading stocks have become extended on the upside. Some resting and consolidation is to be expected, and it is simply a matter of investors being mindful of their selling guides. If the market gets into more serious trouble, then heeding one's stops and selling guides should naturally force one out of the market before things reach a critical point. Futures are down this morning as the weak index action continues to dominate.

Focus List Notes:
BABA reported earnings this morning, and is currently gapping down to the top of its prior base.
AMZN is expected to report earnings after the close today.
CAT remains below its 20-dema. We would expect a test of the 50-dma, which would be normal given the stock's extended, semi-parabolic run since the middle of summer 2017.
EA posted a buyable gap-up yesterday, but closed near the lows of its trading range. The intraday low finally pegged at 126.47 and the stock closed at 126.96. We would to see how well EA is able to hold the 126.47 low.
FB reported earnings and initial sold off before rallying back up to the top of its current base. We would watch this for a possible base breakout this morning.
TTWO broke out yesterday in sympathy to EA's move, something we were looking for per our prior notes on the stock. The stock opened up just above its current base on an initial breakout, and pushed higher throughout the day on higher volume. It is now slightly extended and out of buying range of the breakout, but was quite actionable at the open just above the base per our prior notes.

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