Bouncing Rally Market Update Sept 30 and Stock Scan

Sep 30, 2015: 1:49 PM CST

As we officially end September, let’s take a look at today’s planning update as stocks rally from support with positive divergences.

Let’s update our levels and plan the remainder of today’s session:

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Here’s a quote from last night’s member strategy planning report:

“The positive Breadth and Momentum Divergences – and Daily Reversal Candle – do place our attention now to the BULLISH side for a possible bounce/intraday reversal up off current levels.”

After a V-Spike Reversal took price under 1,880, buyers found value and boosted the market higher.

The bullish upside gap this morning took us above – then beyond – or previous target near 1,900.

The target above that was 1,920 from which we saw our intraday reversal lower in the morning.

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

Unlike our sell-session Monday, all sectors are strongly positive which highlights the strong bullish money flow into the market during today’s bounce-rally.

The weakest – not by much – sector is Energy and the strongest is Technology, but that’s not a big distinction against the backdrop of such positive sector breadth performance.

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:

Synaptics (SYNA), SanDisk (SNDK), Ralph Lauren (RL), and Western Digital (WDC)

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

United Natural (UNFI), Autodesk (ADSK), Knight Transportation (KNX), and Fleetcor Tech (FLT)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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