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.

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):

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), Ctrip.com (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)

Afraid to Trade Premium Content and Membership

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 4 Big Mover Stock Scan and Market Update”

  1. Ronky Says:

    It’s really nice to see updates and I really want to appreciate your effort for this. I regularly follow these and have given me a lot of benefit plus I believe that one can’t be successful if we don’t have right supporting stuff and that is where this is just perfect. I am extra lucky thanks to OctaFX broker since they too are providing me daily updates, so with been double updates, I can be completely confident and that allows me to make profits regularly.