Bouncing Market Update and Stock Scan for June 28

Jun 28, 2016: 2:52 PM CST

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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1 Comment

One Response to “Bouncing Market Update and Stock Scan for June 28”

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