Bouncing Market Update and Stock Scan for June 28

What goes down must eventually come back up in the market.

Yesterday we saw additional selling take us down toward our 2,000 reference pivot – on positive divergences.

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

Today we’re seeing a bullish bounce-rally “up away from” our 2,000 level on positive divergences.

How high could price bounce?  Note the highlight above and check out this morning’s update post.

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

We’re seeing bullish price action across the board EXCEPT in Staples and Utilities.

These defensive sectors under-perform on bullish (up) days and that’s happening here.

We’re seeing dip-buying or bounce-buying money flow into the market in a logical fashion today.

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:

Retail Opp (ROIC), Prudential (PUK), Digital Globe (DGI), and Sony (SNE)

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

TESARO (TSRO), Qihoo (QIHU), Dow Chemical (DOW), and Perrigo (PRGO)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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