Another Sell Swing Market Update and Our Stock Scan Nov 5

Nov 5, 2015: 2:49 PM CST

Wow stock prices can decline for a second day in a row during this short-squeezed rally!

Let’s continue our market update with a plot of the key target levels and our algorithmic stock scan of the day.

Here are our new levels for the S&P 500 Index:

In-depth analysis is always provided to members of the Premium Daily Reports – I hope you’ll join and benefit.

Negative divergences in an over-extended rally finally caught up with price with a two-day (so far) pullback.

Here’s a screencap of a chart I shared with members in last night’s strategy report:

The chart simply highlights the three prior retracements – and current pullback – against the current strong rally.

Note negative divergences going into the pullback and the two to three day nature of the prior retracement swings.

Receive daily updates, planning, and education by joining the Afraid to Trade Premium Membership.

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

With today’s bearish sell session, we’re not seeing overwhelming negative money flow.

In fact, the strongest sector of the day is the Financials group where 60% of stocks are positive.

The weakest – perhaps surprisingly – is the defensive Utilities group along with Technology.

All other sectors are near their 40% watermark.

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:

HomeAway (AWAY), Autodesk (ADSK), Ralph Lauren (RL), and Facebook (FB)

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

Qualcomm (QCOM), Albermarle (ALB), FireEye (FEYE), and Royal Gold (RGLD)

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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).

2 Comments

2 Responses to “Another Sell Swing Market Update and Our Stock Scan Nov 5”

  1. Stock Prices Decline for a Second Day Says:

    […] By Corey Rosenbloom […]

  2. susan4769@mail.ru Says:

    Thanks for informing us the update. The strongest sector of the day is the Financials group where 60% of stocks are positive. Hope we will get it continuously.