All is Saved Bullish Market Update and Stock Scan June 23

Jun 23, 2016: 2:47 PM CST

We’re all saved!  The United Kingdom is expected to remain within the European Union, and stock prices surged on the news.

As long as this doesn’t change, we’re updating our charts and strategies accordingly (to the bullish side).

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

This morning I highlighted the breakout into the “Open Air” pocket on the @ES futures.

We’re seeing the same breakout beyond 2,100 (‘Round Number’ Reference Level) for the cash S&P 500 Index.

Continue following the news and stock prices into the evening as actual results are reported.

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Let’s see what our Breadth Chart reveals about current market strength (or weakness):

Money is rapidly flowing back into the stock market as “all is safe” returns to the expectation.

In an environment like this, the goal is to find strong stocks in strong sectors and buy them, avoiding all short-sales with this type of money flow.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

TD Ameritrade (AMTD), Akami Tech (AKAM), Cummins (CMI), and Charles Schwab (SCHW)

Bearish downtrending candidates include the following stocks from our “weakness” scan:

Scripps Networks (SNI), MGM (MGP), Nike (NKE), and Southwest Airlines (LUV)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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).

1 Comment

One Response to “All is Saved Bullish Market Update and Stock Scan June 23”

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