April 12 Support Bounce Range Market Update and Scan

Apr 12, 2016: 1:05 PM CST

The Range Continues with a big stock market bounce this morning.

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

Be sure to start with this morning’s “Emini Breakout and Breakdown Update” for more information.

Today continued the pattern of bouncing up away from the 2,040 level back toward the 2,060 high.

The Midpoint Magnet of the short-term range is the 2,050 level.

We’re focusing on these levels and the movement between them for our intraday trading plans.

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

All sectors – except Technology – are strong today and above the 50% Breadth line which represents broad-based strength.

Energy and Financials lead the day on a bullish session, though it’s still within the broader price range.

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:

Toyota Motors (TM), SM Energy, EOG Resources, and Range Resources (RRC)

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

Juniper (JNPR), Starbucks (SBUX), Fastenal (FAST), and VMWare (VMW)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “April 12 Support Bounce Range Market Update and Scan”

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