August 11 Daily Update and Stock Scan
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!
Follow along with members of the Daily Commentary and Idealized Trades summaries 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).