April 9 Nothing At All Happening Range Market Update

Apr 9, 2015: 1:16 PM CST

Instead of “A Whole Lotta Shakin’ Goin’ On,” there’s actually a whole lot of nothing going on today as yet another Range Day grips (constrains) the S&P 500.

However, as on all days, opportunities are triggering in stocks within the market – just not the market itself.

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

Unless you’re trading the micro-swings intraday, there’s not much else you can do with the market here.

Focus your attention on the sector action or preferably the individual stock selection component – leading stocks – until we do see the inevitable future breakout of this range (reference January 2015).

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

At the moment, Energy, Materials, and Health Care are strongest with defensive Utilities weakest today.

That doesn’t give us much information as to broader money flow, especially when almost all sectors are near the 50% Breadth mark (which is the same as the sideways action in the S&P 500 as seen above).

You can’t create opportunities that aren’t there – markets and traders remain in a holding pattern now.

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

Polaris (PII), Express Scripts (ESRX), Walgreen Boots (WBA), and Celanese (CE)

Potential downtrending candidates exist in stocks showing relative weakness today:

Vanguard REIT (VNQ), Kimco (KIM), BioMed Realty (BMR), and HCP

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).

1 Comment

One Response to “April 9 Nothing At All Happening Range Market Update”

  1. Umar Says:

    There are many traders for whom waiting is the worst thing and this type of market is exactly made for waiting game. It’s not always about trading in Forex, but it’s also about just understanding the moment and holding yourself back for the right opportunity. I work with the 9 times award winning company OctaFX, it is really useful to trade with such an awesome broker, as it gives me confident over my investment and that really is a difference maker in success or losses.