Big Names Trending in our April 28 Intraday Trading Update

Apr 28, 2014: 12:10 PM CST

As you know, I post a mid-day stock market breadth and trending stock scan each day.  Today’s “intraday trend” scan returned some leading stocks which give interesting opportunities to play additional trend day continuation set-ups (such as retracements) in big-name stocks.

Let’s jump right into our mid-day update and learn which stocks are our top trenders and what Breadth suggests about the rest of today’s session.

We’ll start with a snapshot of the S&P 500 intraday structure:

So far we have a “Rounded Reversal” or intraday reversal down against the 1,875 higher frame reference level after initial morning strength.

Note the divergences both at the session high and current session low into 1,862.

Our pivot-points going forward will be the “flag” trendline intersecting the 1,864 level (bearish bias under 1,864) and the 1,867 level (prior swing-high and blue 50 EMA on the 5-min chart).  The market would be “breakout bullish” above 1,867 and 1,868 (it’s neutral with respect to the yellow highlight).

Sector Breadth casts another bearish pall on today’s whipsaw session:

Instead of Utilities, we’re seeing sector strength (money flow) into the defensive Consumer Staples sector, followed again by Energy (which continues to show strength) and then Consumer Discretionary ($XLY).

We don’t see clear distinction in Sector Breadth today – as measured by S&P 500 stocks in a particular sector positive on the session minus those negative on the session – becuase all sectors (except Staples) hover near the 30% to 40% positive mark.

Without further delay, let’s list our scan results from the top intraday bullish trenders:

Big name Apple (AAPL) tops the list of potential intraday uptrenders along with Pepco Holdings (POM), Kimberly-Clark (KMB), and Dr. Pepper Snapple Group (DPS).

Every single top downtrender or weak stock in the list was a big-name or well-knonw (popular) stock.

The top four of the pack include Bank of America (BAC – note my update last week and the potential for a bearish break which triggered today), Chipotle Mexican Grill (CMG), (AMZN), and (CRM).

Be safe out there today as always.  Also reference my “broader picture” update on key S&P 500 levels.

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Corey Rosenbloom, CMT
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