Big Stock Scan and Midday Market Update Dec 21

Bycjrosen

Today’s session – while bearish – is showing hopeful bullish signs.  What are they?  Let’s take a look.

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

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Price currently challenges the 2,005 key support level – just above the 2,000 pivot – with positive divergences.

We would use aggressive bullish strategies on a movement up away from this level… but bearish ones under it.

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

Despite the weak price action, all sectors (except the defensive Utilities group) are positive.

The strongest names are Industrials, Staples, and Health Care on an otherwise lackluster day.

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:

Oneok Partners (OKS), Medivation (MDVN), DaVita (DVA), and Tenet Health Care (THC)

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

Juniper Networks (JNPR), 58.com (WUBA), Continental Resources (CLR), and Chipotle (CMG).

Take a look at this morning’s update on Chipotle (CMG) for more information and opportunities.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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One Comment

  1. This is sometimes a good opportunity to go into buy mode, but at the same time, we got to be seriously careful of not doing anything silly or else we could suffer serious losses, I am lucky enough to work with OctaFX broker and with them, I am always in serious benefits which is because of their lovely rebate program where I am able to earn 15 dollars profits per lot size trade including the losing one, so that’s fairly enough for me.

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