Big Reversal Rally and Market Update with Stock Scan Jan 14

Jan 14, 2016: 4:23 PM CST

Some might say we were way overdue for a larger rally or snap-back bounce for the stock market.

Nevertheless, all in good time for the market – today’s session did result in a powerful reversal rally and strong trend day to the upside as buyers retook the 1,900 key level.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

As I highlighted last weekend to our Intermarket Strategy Members, we took a bearish turn going into 2016.

Study this morning’s update which highlighted the importance of 1,900 and the likely rally building above 1,900.

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

All sectors were positive today though Staples and Consumer Discretionary lagged behind.

With the exception of these two groups, all sectors and almost all stocks levitated today during the rally.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).

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

Hospitality Properties (HPT), Cigna (CI), Oneok (OKS), and Cardinal Health (CAH)

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

Generac (GNRC), Solera (SLH), Cabela’s (CAB), and Express Scripts (ESRX)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Big Reversal Rally and Market Update with Stock Scan Jan 14”

  1. Russel Says:

    It is always good to be trading when things are so clear and the trend is strong to enter, but at the same time we need to make sure we don’t do anything silly. I am working with OctaFX broker and got pretty impressive conditions with having low spreads starting from just 0.2 pips, high leverage up to 1.500 plus the lovely swap free account available, it really helps working and allows me to be entirely comfortable with the work.