August 4 Big Mover Stock Scan and Market Update
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)
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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).
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