April 7 Collapse Market Update and Big Stock Scan

Apr 7, 2016: 2:30 PM CST

Yesterday’s bullish action was erased and exceeded with today’s bearish activity.

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.

Yesterday’s “last gasp” rally ended above 2,065 ahead of this morning’s gap down and impulsive Trend Day lower.

We’re now interacting with the 2,035 target level as we march toward the close of a strong selling session.

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

We’re seeing widespread selling pressure strike the market again.

Our strongest sector today is the Utilities group while all other sectors – and over 90% of stocks – are down on the day.

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:

Agnico Eagle (AEM), Rangold Resources (GOLD), Natural Fuel (NFG), and Conagra (CAG)

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

Humana (HUM), Verizon (VZ), Delta Airlines (DAL), and Best Buy (BBY)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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