April 29 Range and Sector Breadth Intraday Trading Update

Apr 29, 2014: 1:03 PM CST

What’s going on in the market and which trending stocks are calling our attention?

Let’s jump straight ahead into today’s mid-day update as the trading range continues (so far):

So far we see a Bullish Range Day session developing which is undercut by divergences in momentum and Market Internals.

Logic would suggest a downside resolution against 1,880 but we must be on guard or eagerly anticipating a breakout outcome above 1,880 to trigger a short-squeeze impulse higher.

We’ll use 1,880 as our intraday pivot as the triangle or compression pattern continues.

Sector Breadth – at this point – paints a bullish perspective of money flow:

Fortunately for bulls/buyers, we’re seeing Sector Money Flow concentrate in the bullish or offensive sectors – especially Technology – and out of the defensive/risk-off sectors such as Consumer Staples ($XLP) and Utilities ($XLU).

Once again, we see our consistent theme of intraday strength in the Energy ($XLE) sector – don’t ignore this.

For our top uptrending stock candidates, we have the following four opportunities:

Ameriprise Financial Inc (AMP), Carnival Corp (CCL), Total System Services (TSS), Marathon Oil (MRO).

Our downtrending candidates today include Coach (COH), Goodyear Tire (GT), Boston Scientific (BSX), and Bristol-Myers Squibb (BMY).

Continue monitoring the S&P 500 relative to the 1,880 index level and any interplay down (logically) or up (alternate thesis breakout) accordingly.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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