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Market Lab Report - Premarket Pulse for Wednesday, December 13, 2017

Financials helped lead the Dow and S&P 500 Indexes to all-time highs while the NASDAQ Composite Index again diverged to the downside. Breadth as measure by the advance/decline numbers was negative on both the NYSE and NASDAQ exchanges, despite the overwhelming strength in financials. Clearly, broader weakness lurked beneath the surface of the strong-looking action in the S&P 500 and Dow.

The pie chart below shows the sector breakdown on the upside yesterday:

Futures are up this morning, with NASDAQ futures leading as tech stocks, which sold off yesterday, rebound in pre-open action. Markets are shrugging off last night's "crucial" Alabama Senate election which was won by Democrat Doug Jones, cutting the Republican's Senate majority by one to 51-49.

The Fed will release its monthly policy announcement today at 11:00 a.m. Pacific, 2:00 P.M. Eastern. Expectations are for a 25 basis point increase in the Federal Funds Rate. Following the policy announcement, outgoing Federal Reserve Chair Janet Yellen will conduct her final press conference. Any of the above has the potential to move the markets.

Focus List Notes:
CAT moved lower yesterday but remains extended from its 10-dma. Pullbacks to the 10-dma can be watched for lower-risk entry opportunities.
FB dropped back down to its 50-dma as volume increased. It must hold the 50-dma to remain viable.

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