Bouncing Market Update and Trending Stock Scan for Sept 24

Right on schedule, price rallied up from a known support target level and we have yet another Trend Day in motion.

Start with this morning’s S&P 500 Support Bounce Rally post and let’s now take a look at our intraday update.

Let’s jump into today’s update with an update on the S&P 500:

Take a close look at the two recent S&P 500 updates so far from the week:

“Planning the Pullback in the US Stock Market”

“Support Range Bounce for the S&P 500″

With those in mind, we currently see the market rallying up – as was expected – from the 1,980 confluence target level as positive divergences further suggested higher odds for a rally.

How far may this rally continue? We’ll focus initial attention just shy of the 2,000 level and if price breaks through that target, we’ll extent upward resistance levels toward the 2,010 level again.

Sector Breadth confirms the bullish upswing:

Stealthily, the strongest sectors today are the defensive Staples and Health Care sectors (notice the weak performance from Energy and Utilities) while we see a strength cluster in the offensive group (Financials, Technology, etc).

So far, the message is mostly bullish but would be fully bullish were it not for the top performing Staples Sector today.

As I mentioned, not everything is bearish today – here are our bullish stock candidates for the session:

Chipotle (CMG), Hasbro (HAS), Biogen (BIIB), and Dupont (DD).

In addition to the bullish candidates, we have these bearish prospects:

Ensco (ESV), Chevron (CVX), FirstEnergy (FE), and Comerica (CMA).

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://ift.tt/178Lhrq

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

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Creeper Trend Continues Intraday Update and Stock Scan Sept 23

Here we go again! The market continued its slide lower – as was widely expected – and so far is creating another trend day lower.

However, not all is bearish in the market, as seen from our intraday stock scan.

Let’s jump into today’s update with an update on the S&P 500:

I expanded more detail Monday’s “Planning the Pullback in the US Stock Market” so be sure to view the higher frame support/inflection level which broke – and price continued trading lower.

The failure to hold the 1,994 level resulted in a continuation of the ongoing sell-off, and now the index not only broke 1,990 but now trades into the 1,985 level.

Yes, there are positive momentum divergences, but we must continue to follow price during the “creeper” or steady sell-off as price continues its logical higher timeframe retracement.

Sector Breadth is not quite as remarkable as yesterday:

The picture is mixed, with today’s sector strength in the Technology and Energy sectors and relative weakness across the board (especially Financials and Staples).

As I mentioned, not everything is bearish today – here are our bullish stock candidates for the session:

CF Industries (CF), Patterson Companies (PDCO), Apple (AAPL), and Biogen (BIIB).

I posted on a triangle pattern in Apple shares yesterday, and price did break through the upper trendline to continue the trend.

If instead you believe the market will continue its sell-swing lower into the close, focus on these bear candidates:

CarMax (KMX), Medtronic (MDT), ADT Corp (ADT), and Northrup Grumman (NOC).

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://ift.tt/178Lhrq

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

Afraid to Trade.com Blog

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New Highs Again and Trending Stock Scan for Reversal Day Sept 19

Perhaps not surprisingly, the stock market pushed yet again to another intraday high today as the non-stop bullish uptrend continued, yet this time we saw a quick retracement down to the rising trendline.

Let’s start with our updated, uptrending S&P 500 intraday chart:

A stable rising trendline pattern contains the progressive higher highs and higher lows and it should be our market reference point until proven otherwise with a breakdown under the rising level.

Today’s session low represents the lower boundary near the 2,007 level and it will be our focal point (bull above; bear beneath) going forward.

Perhaps as a result of the morning weakness, Sector Breadth is slightly Bearish/Cautious:

While we have moderate sector performance (most sectors show 50% of stocks positive), we do see that Utilities tops the performance of the day and that’s a bearish sign.

Relative strength – though not by much – still concentrates in the Staples and Health Care (the other defensive names).

Potential bullish trend day continuation (buy retracements) stocks include the following:

Vertex Pharma (VRTX), Mallinckrodt (MNK), Dr. Pepper Snapple Group (DPS), and Verizon (VZ).

Today’s downtrending stock scan includes the following bearish candidates today:

Garmin (GRMN), Corning (GLW), Flir (FLIR), and Fossil Group (FOSL).

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://ift.tt/178Lhrq

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

Afraid to Trade.com Blog

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New High Market Update and Stock Scan Sept 18

Perhaps not surprisingly, the stock market pushed yet again to another intraday high today as the non-stop bullish uptrend continued.

Let’s take a look at our current S&P 500 levels, Sector Breadth, and note the top trending stocks of the day:

Yesterday’s Fed Day simply spurred additional buying pressure into the market – initially from bulls/buyers and then from frustrated short-sellers (buying-back to cover losing positions) and the bullish money flow continued into today’s session.

Price has compressed distinctly around the 2,009/2,010 target level and we’ll be on guard for a breakout or price expansion from this key index level.

Not surprisingly, Sector Breadth is very Bullish:

Like yesterday, strength developed in the Offensive Sectors and we’re seeing that same pattern again during today’s bullish session.

Our strongest sectors are Technology with Health Care while relative strength still concentrates in the offensive names (like Financials and Industrials).

Our weakest sectors are the defensive/bearish Utilities and Energy (that’s also bullish).

Potential bullish trend day continuation (buy retracements) stocks include the following:

Dupont Denemours (DD – top spot for a second day in a row), CME Group (CME), Goldman Sachs (GS), and Wynn Resorts (WYNN).

Today’s downtrending stock scan includes the following bearish candidates today:

Consol Energy (CNX), Peabody Energy (BTU), Dollar General (DG), and QEP Resources.

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://ift.tt/178Lhrq

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

Afraid to Trade.com Blog

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