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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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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Stocks trend from time to time

CSIQ had a big trend move in last 13 or so month. Obviously if you can catch a move like that you can have big returns.These kinds of trends have fascinated speculators for hundreds of years and methods have evolved to try and capture these kind of moves.Trend following is something you will come across as one of the legit method of position trading. For some it is almost like religion.As a speculator if you look at both good and bad side of trend following then you are in a better position to make informed decision.The nature of moves in individual stocks consists of long duration trends from time to time. Trending period is a period where the stock drifts up or down for …

via stockbee:

CSIQ had a big trend move in last 13 or so month. Obviously if you can catch a move like that you can have big returns.

These kinds of trends have fascinated speculators for hundreds of years and methods have evolved to try and capture these kind of moves.

Trend following is something you will come across as one of the legit method of position trading. For some it is almost like religion.

As a speculator if you look at both good and bad side of trend following then you are in a better position to make informed decision.

The nature of moves in individual stocks consists of long duration trends from time to time. Trending period is a period where the stock drifts up or down for a given time frame. During trend periods stock make series of high for that trend duration.

Not every stock trends like CSIQ during a year.A stock may not trend for years. When you see a long duration trend it looks so simple. But you have to understand you are looking at a trend after the fact.

At the start of every trend move you have no way of knowing how long it will last in period terms . You do not also know how much % move it will make. Unless there is some other superimposition you make like say valuation or growth or future potential predicting trend length in a stock is difficult but not impossible.

In an index based on past trends you know approximate behavior of trends but still every trend move in market is different as most of us found out in last 14 months where market went up without a 5% correction.

As a speculator we are interested in trends not from theory perspective but from the money making perspective.

As a trader I am agnostic to a style as long as it can make me money with least amount of drawdown.

Now let us look at CSIQ again to better understand trends:

How did this trend start?

How did this trend resume?

How did the third leg develop?

How does this trend look using TI 65

How does it look using Double Trouble

Here are the questions for today to mull over

How long in days is this trend ?

How much in % term is this trend?

How many up days in the trend?

How many down days in the trend?

How many 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 15% 20% days in trend

How did the trend start?

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For more info: Stocks trend from time to time

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Stocks trend from time to time

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