August 11 Breakdown Update and Big Stock Scan

Aug 11, 2015: 2:54 PM CST

The market continues to trade within a well-defined trading range and the last two sessions saw volatility but no real progressive movement.

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.

The main idea was price had a strong chance to bounce strongly up off the 2,070 pivot as it did.

The target – fully achieved – was the 2,100 midpoint which set the stage for today’s planning.

The initial gap-down set in motion ANOTHER trend day and movement down toward the 2,075 level again.

It’s from this spot – highlighted -that we’re seeing another intraday reversal off support.

Follow along with members for more precise daily planning, analysis, and education.

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

With a market in defensive sell-off mode – at least this morning – Utilities are doing well today.

All other sectors are weak in terms of Breadth and money flow, though Financials and Energy are stronger than the rest.

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

Terex (TEX), Pulte Group (PHM), Google (GOOGL), and Marathon Petro (MPC)

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

WYNN Resorts, Morgan Stanley (MS), 58.com (WUBA), and Fossil Group (FOSL)

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

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 “August 11 Breakdown Update and Big Stock Scan”

  1. Garvie Says:

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