August 4 Big Mover Stock Scan and Market Update

Aug 4, 2015: 2:29 PM CST

Stocks tested their lows as an ongoing consolidation (range) environment continues.

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

For the S&P 500, buyers have supported the market into the 2,088 reference level.

Monday and now Tuesday saw strong rallies up off this key short-term trading level.

For now, price continues to trade in a short-term downtrend within a broader Daily Chart range.

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

The strongest sector today is the defensive Consumer Staples group with over 70% of stocks positive.

All other sectors hover near the 40% Breadth level, signifying across-the-board weakness.

The “worst” sector today is Utilities with zero stocks in the sector positive right now.

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

Netflix (NFLX), MGM Resorts (MGM), (CTRP), Vulcan Materials (VMC)

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

Cognex (CGNX), Allstate (ALL), Mallinckrodt (MNK), and Brookdale Senior Living (BKD)

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Corey Rosenbloom, CMT
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1 Comment

One Response to “August 4 Big Mover Stock Scan and Market Update”

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