August 5 Surge Market Update and Trending Stock Scan

Aug 5, 2015: 2:33 PM CST

Despite a strong morning rally, price fell back toward the 2,100 level, continuing our range environment.

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

As mentioned to members last night, price remains within a short-term trading range.

Technically, we’re seeing a triangle (intraday) within a rectangle (daily chart).

Nevertheless, our key focal points – as proven today – remain the 2,110 prior high and the 2,090 level with 2,100 sandwiched between these short-term intraday zones.

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):

All sectors trade near the 80% Breadth (positive) level with one exception – Energy.

Energy has underperformed all other sectors for a few days in a row now.

With the exception of Energy, we simply note strength – though not super bullishness – from Breadth.

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

Electronic Arts (EA), Cognizant Tech (CTSH), Zendesk (ZEN), and First Solar (FSLR)

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

Viacom (VIAB), Time Warner (TWX), Disney (DIS), 21st Century Fox (FOXA).

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).

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One Response to “August 5 Surge Market Update and Trending Stock Scan”

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