Big Stocks Downtrending in our Update and Scan Dec 18

Dec 18, 2015: 3:34 PM CST

Wow – we’ve got some big names taking a bearish hit today in our “downtrending stock” scan.

Today’s session continued the downswing or liquidation phase that began yesterday.

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

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Stocks currently trade at session lows on a pathway likely toward the 2,000 pivot.

In last night’s report I wrote the following actionable advice to members:

For now, the market fell all the way to the 38.2% level near 2,033 in the @ES and a further breakdown under here sets up a clear sell-pathway lower toward 2,000 (@ES).  NO LONG trades under 2,030; short-sell trades only.

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

While Utilities were the strongest sector (on a sell session) yesterday, today it’s Materials and Energy.

It’s not much to say a sector with 20% and 25% of stocks positive is “bullish” but it’s the strongest of a very weak session.

More importantly, focus on the negative or bearish money flow flooding the market today.

Just about everything is down in today’s sell/liquidation session as seen below.

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:

Centene (CNC), Health Net (HNT), Bunge (BG), and Darden (DRI)

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

Kroger (KR), Mastercard (MA), Travelers (TRV), and Wells Fargo (WFC)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Big Stocks Downtrending in our Update and Scan Dec 18”

  1. Shraya Says:

    That’s pretty massive hit downwards; I just wonder how long does trend can go? I always love to collect those extra pips when the reversal happens, but it not something we expect to see happening often, so it is important to be careful. I do get help due to low spreads which starts from just 0.1 pips with OctaFX broker, so even if I see slight opportunity, I enter and exit with few pips, but without low spread, it is impossible.