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martedì 7 ottobre 2014

October 7 Stock Scanning and Market Update

Price continues its range between key boundary levels, making for relatively low volatility session into support.

Let’s start with our S&P 500 Chart then highlight the top trending stocks of the day:

Sellers ruled the immediate open this morning but buyers rushed to support the market and prevent a further sell-off by holding price up at the 1,950 index level.

The result is a short-term range pattern that continues as drawn, within the context of the broader Fibonacci Retracement Levels (see prior update).

We’re waiting for another “Repeat Pattern in the S&P 500″ or else a failure of this pattern which would likely set in motion a steep sell-off in shares.

Sector Breadth sends a bit of a conflicting signal with today’s sell-swing:

One would assume sector strength would develop in the Defensive Sectors like Staples, Health Care, and Utilities but clearly this is not the case today.

Our two strongest sectors are the offensive or bullish Technology and Industrial stocks – not what you want to see if you are a market bear.

In fact, our worst sector today is the defensive Staples stocks – again, not a bear’s delight.

We can focus our attention on today’s big trending (bullish) stocks:

Keurig Green Mountain (GMCR), CF Industries, Ameren (AEE), and Coca-Cola (KO).

Alternately, we can focus on bearish downtrending candidates:

Cummins (CMI), Black and Decker (SWK), Mastercard (MA), and Ametek (AME)

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October 6 Stock Scanning and Market Update

Today’s session has been a reversal range session between clear boundaries.

Let’s start with our S&P 500 Chart and highlight the top trending stocks of the day:

Price rallied up into the key inflection (target) near 1,980 and turned sharply lower after the opening gap.

However, price found support as buyers rushed to support the market at the 1,960 pivot, creating a “neutral” zone between 1,960 and 1,980.

A clean breakthrough impulse above 1,980 continues our “Repeat Pattern” outcome, which you can learn more about from our morning update post.

At the moment, let’s continue our practice of market neutrality (range) or else a bearish breakdown bias under 1,960 (or breakout/higher timeframe trend continuity trigger above 1,980).

Sector Breadth confirms the Neutral Stance:

All sectors remain muted today with similar performance across the sectors (roughly 30% to 40% of stocks in each sector are positive).

However, the big leader of today is Energy, and not much can be gleaned from the pattern except for neutral money flow.

We can focus our attention on today’s trending (bullish) stocks:

Hewlett-Packard (HPQ), Expedia (EXPE), Netflix (NFLX), and Abbott Labs (ABT).