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Market Lab Report - Premarket Pulse for Tuesday, January 30, 2018

The S&P 500 Index had its worst day in 99 trading sessions, despite being down a paltry -0.67%. That mostly speaks to the persistent of the market move over the past few months since the early September breakout. Volume was higher on the NYSE, but just barely lighter on the NASDAQ as the NASDAQ Composite Index sold off even less at -0.52%. The 10-Year Treasury Note yield reached highs not seen since April of 2014, touching 2.72%, as the market continues to raise rates ahead of the Fed, which begins its two-day meeting today.

Futures are off by about half a percent at the time of this writing as markets worldwide were trading in the red as a result of a spike in bond yields which reduced demand for equities. Some analysts expect the central bank to reassess the economy, which could lead to four interest rates hikes this year, instead of the three hikes priced into trades.

Focus List Notes:
CAT closed below its 20-dema. As we discussed over the weekend, we'd give this some time to stabilize instead of reflex-buying at the 20-dema. We think there's a reasonable chance the stock will test its 50-dma. Those who use the 20-dema a selling guide may already be out of the stock.
SQ pulled back slightly as volume declined to --65% below-average. It is, however, slightly extended from its 10-dma which is currently at 43.34. The stock closed yesterday at 45.43. A test of the 10-dma on light volume would present your best lower-risk entry possibility.
TTWO broke out early in the day yesterday, but by the close gave up on the breakout and closed down on the day as it reversed off the highs on volume that was 8% above-average. We would sit back and wait to see what sort of earnings EA reports tomorrow after the close before doing anything here.
WB was knocked down to it 10-dma yesterday on news that the Chinese government had shut down the site due to the company's failure to censor certain content. It closed 1.5% above the 10-dma on volume that was 40% above-average, indicating some supporting action at and around the line.
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