At the end of QE3, stocks continued higher on the reported GDP growth and the S&P 500 tagged the underside of the 2,000 index target.
Let’s update our levels and note the top trending stocks so far in today’s post-Fed session:
After a logical sell-off from a knee-jerk reaction to yesterday’s “End of QE3″ announcement (see yesterday’s post), stocks traded higher and broke sharply higher on a Bull Flag pattern earlier this morning.
The result was a short-squeezed impulse toward the 2,000 index target, at which point the S&P 500 turned lower and traded into the 1,990 support confluence.
For now, we’re monitoring the neutral zone between 1,990 and 2,000 with a breakout above 2,000 setting the stage for a future rally to new all-time highs… or a move under 1,990 targeting the 1,980 or even 1,975 downside targets.
Sector Breadth (after the Fed) revealed another bullish picture:
The Defensive Sectors took the lead today with Energy – yesterday’s leader – becoming today’s laggard.
Still, we see relative strength across the board with almost all sectors reporting more than 70% of stocks positive.
We have potential bullish trend continuation plays in the following stocks:
Bristol-Myers SQUIBB (BMY), AmeriSourceBergen (ABC), MasterCard (MA), and the big-winner Visa (V).
Potential downtrending candidates exist in stocks showing relative weakness today:
Avon Products (AVP), Intel (INTC), Ball Corp (BLL), and Trip Advisor (TRIP).
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://ift.tt/178Lhrq
The post Fed Aftermath Market Update and Stock Scan for October 30 appeared first on FX FOREX.
via WordPress http://ift.tt/13oIf3m
Trading, Aftermath, market, October, Scan, stock, update
Nessun commento:
Posta un commento