Aug 14 Big Stock Scan and Intraday Range Update

Aug 14, 2015: 2:52 PM CST

After a volatile Wednesday, stock prices settled into a welcome trading range consolidation to end the week.

What levels are we focusing on now? Let’s see!

First, be sure to view Monday’s “Thrilling, Non-Stop, Exciting Trading Range of 2015” for context.

We’re simply seeing a continuation of this higher timeframe Trading Range structure, despite a trap.

For now, the 2,083 key pivot (today’s low) and the 2,091 S&P 500 levels are our reference levels going forward.

We’ll keep playing “Ping-Pong” between these levels and get ready for another pro-trend bullish breakout higher that could travel toward 2,100 and beyond.

Otherwise, another break under 2,085 that carries under 2,085 would set in motion another bearish pathway.

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

Today’s session once again paints a strong bullish picture of Sector Breadth.

All sectors – except Energy – are above the 50% line and most are at or near the 80% Breadth level.

It’s a bullish sign that the strongest sector today is Financials followed by Industrials (then Utilities again).

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Finish Line (FINL), Sysco (SYY), Habit Restaurants (HABT), and Best Buy (BBY)

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

Diamond Resorts (DRII), Spark (ONCE), Anheuser-Busch (BUD), and Viacom (VIAB)

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to

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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 “Aug 14 Big Stock Scan and Intraday Range Update”

  1. Anil Says:

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