August 11 Daily Update and Stock Scan

Aug 11, 2014: 12:08 PM CST

We started the day with an up-gap and have seen a Trend Day ever since.

Let’s update our S&P 500 intraday chart, highlight sector breadth, and note the strong trending stocks of the day.

We’ll start with the intraday update of the S&P 500:

Today’s session showcases a Trend Day and we’ll be monitoring initially the 1,940 level for intraday support (the rising 50 EMA).

Failure under 1,940 – as I highlighted in this morning’s S&P 500 update – could trigger an intraday reversal and bearish opportunities.

Otherwise, it’s ‘game on’ for the bullish side for a potential continuation of price higher – especially on a trigger-break beyond 1,945.

Sector Breadth gives a slightly conflicting message at the moment (yet it’s mostly bullish):

This time we see across-the-board bullish sector performance, though the strongest sector now is the Consumer Staples followed by Industrials.

Performance is consistent except for Utilities – the weakest sector of the day (but don’t worry – that’s actually a bullish sign of market strength).

Price and sector performance confirm the bullish movement in stocks.

Speaking of bulls, let’s shift our attention to bullish-trending stocks for potential buy-trades the rest of the day:

Kinder Morgan (KMI), Wyndham Worldwide (WYN), Norfolk Southern (NSC), and Schlumberger (SLB).

We have no current down-trending bearish candidates for the day!

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Corey Rosenbloom, CMT
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