April 7 Range Day Resistance Market Update and Stock Scan

Bycjrosen

Stocks are taking a breather after yesterday’s strong bullish trend day.

Let’s dive inside action and note key levels and the trending stocks of the day:

We were expecting the likely bullish action off the 2,045 pivot all the way toward the 2,080 target and price exceeded the intraday target yesterday.

However, today’s session – though still bullish – is met with lengthy negative divergences into resistance.

We’re cautious against 2,090 and bearish (intraday) under 2,085 and 2,080.

Otherwise, a surprise resurgence of the buyers into resistance just makes us bullish above 2,090.

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

While yesterday’s Breadth Chart saw bullish dominance, today reveals more rotation.

The strongest sectors are in the middle of the graph while the weakest sectors are on the outside:  Utilities, Financials, and Discretionary.

Continue a defensive posture here unless buyers surprise us once again as they’ve done many times before.

We have potential bullish trend continuation plays in the following stocks from our scan:

Axalta (AXTA), Impax (IPXL), Autohome (ATHM), Juniper (JNPR)

Potential downtrending candidates exist in stocks showing relative weakness today:

Duke (DRE), PDF Energy, Omega Healthcare (OHI), and Brinker (EAT)

I’m excited to announce that I’ll be joining six other great speakers at a Two-Day intensive boot camp in May!

Check out the details and start planning the trip today to join us in May.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

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