Another Market Reversal Intraday Update Stock Scan April 14

Apr 14, 2015: 1:54 PM CST

If you followed Market Internals yesterday, you had a clear roadmap to trade today’s session as a Repeat Pattern – Divergences – suggested yet another morning market reversal.

Start with a read of yesterday’s mid-day report (more was detailed to Idealized Trades members) and compare that with today’s session that unfolded so far.

Let’s dive inside action and note key levels and the trending stocks of the day:

Just like the morning Bull Trap yesterday – on a clear and lengthy divergence – today’s session triggered a Bear Trap on yet another big divergence into a key support level just above 2,080.

The result was another, repetitive reversal which set the stage for the afternoon session.

We’re seeing another failure into 2,100 which is our pivot level and now focusing on the movement under 2,095.

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

Unlike yesterday, Breadth actually paints a bearish message with Energy and Utilities the strongest sectors while all others – except defensive Consumer Staples – lag the 50% line.

We have potential bullish trend continuation plays in the following stocks from our scan:

Ciena (CIEN), JB Hunt (JBHT), Coty (COTY), and Fastenal (FAST)

Potential downtrending candidates exist in stocks showing relative weakness today:

Norfolk Southern (NSC), Wynn Resorts (WYNN), Packaging Corp (PKG), and Monster Beverage (MNST)

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Corey Rosenbloom, CMT
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