April 13 Bullish Breakout Market Update and Stock Scan

Apr 13, 2016: 3:13 PM CST

Breakout!  Bulls everywhere!  New Highs!  No bearishness in sight!

That’s not quite true at all, but nonetheless stocks did break into an impulsive trend day higher.

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 Level Update” for more information.

We follow price action, even when it seems like a surprise.

In fact, LARGER moves often occur when price does something the majority of traders think it can’t.

Price moved into open air through resistance, though Internals failed to keep pace with the rally.

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

The sector breakdown today is actually quite bullish.

The weakest sectors were the “Defensive” or Risk-Off names like Staples and Utilities.

All other sectors – except Energy – surged over the 80% positive level today.

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:

Tenet Healthcare (THC), Genessee (GWR), Cooper Tire (CTB), and Garmin (GRMN)

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

American Campus (ACC), Equity Residential (EQR), Altria (MO), and 3x Inverse Financials (FAZ – as a bonus)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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