April 14 Reversal Swing Looming Market Update and Scan

Apr 14, 2016: 1:38 PM CST

We’re reaching the breaking point for our extended rally.

Internals aren’t keeping pace with price, yet price plows over all evidence to the contrary.

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 “Defying Gravity Emini Breakout and Level Update” for more information.

Buyers extended the rally into the 2,085 level though TICK and Breadth aren’t keeping pace.

We’re in a situation where evidence suggests down but price – which is reality – defies the odds with each new high.

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

Despite the apparent bullish domination, we’re seeing cracks in the foundation via Money Flow.

Only two sectors are above the 60% Breadth Level and the remaining are under 50% (negative breadth).

Still the offensive groups are relatively stronger than the red defensive groups, keeping us on our toes.

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:

Tractor Supply (TSCO), Molson Coors (TAP), LinkedIn (LNKD), and Anheuser-Busch (BUD)

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

Seagate (STX), SanDisk (SNDK), Agrium (AGU), and Royal Gold (RGLD)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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