August 28 Intraday Stock Scan and Market Update

Aug 28, 2014: 12:17 PM CST

Our key focal level for the S&P 500 continues to be the simple 2,000 index level and we’re monitoring any further sign of retracement or down-movement against this level.

Either way, we’ll focus all our attention on the 2,000 index level as mentioned in this morning’s earlier post.

Reference the earlier chart along with the bearish picture painted by today’s Sector Breadth:

Our strongest sector is the Utilities sector where 90% of stocks are positive right now.

Energy trails Utilities and Materials returns the third strongest performance today.

Our weakest sector today is Industrials (followed by Financials – not a bullish sign).

Potential bullish trend day continuation (buy retracements) stocks include the following:

Southern Co (SO), DTE Energy (DTE), FMC Corp (FMC), and Dr. Pepper/Snapple (DPS).

Bearish “intraday reversal” or downtrend continuity stocks include these candidates:

Fossil Group (FOSL), Lockheed Martin (LMT), TripAdvisor (TRIP), and FedEx (FDX).

Corey Rosenbloom, CMT
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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).

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