Bouncing Market Update and Trending Stock Scan for Sept 24

Sep 24, 2014: 1:05 PM CST

Right on schedule, price rallied up from a known support target level and we have yet another Trend Day in motion.

Start with this morning’s S&P 500 Support Bounce Rally post and let’s now take a look at our intraday update.

Let’s jump into today’s update with an update on the S&P 500:

Take a close look at the two recent S&P 500 updates so far from the week:

Planning the Pullback in the US Stock Market

“Support Range Bounce for the S&P 500”

With those in mind, we currently see the market rallying up – as was expected – from the 1,980 confluence target level as positive divergences further suggested higher odds for a rally.

How far may this rally continue?  We’ll focus initial attention just shy of the 2,000 level and if price breaks through that target, we’ll extent upward resistance levels toward the 2,010 level again.

Sector Breadth confirms the bullish upswing:

Stealthily, the strongest sectors today are the defensive Staples and Health Care sectors (notice the weak performance from Energy and Utilities) while we see a strength cluster in the offensive group (Financials, Technology, etc).

So far, the message is mostly bullish but would be fully bullish were it not for the top performing Staples Sector today.

As I mentioned, not everything is bearish today – here are our bullish stock candidates for the session:

Chipotle (CMG), Hasbro (HAS), Biogen (BIIB), and Dupont (DD).

In addition to the bullish candidates, we have these bearish prospects:

Ensco (ESV), Chevron (CVX), FirstEnergy (FE), and Comerica (CMA).

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Corey Rosenbloom, CMT
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