Bullish Purge Market Update and Stock Scan March 18

Mar 18, 2016: 12:28 PM CST

The post-Fed Day rally continued though price stalled into resistance near 2,050.

What’s next for the market and which stocks are strongest and weakest (via our scan) today?

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

The rally “up away from” 2,000 then above the 2,020 breakout resulted in a strong short-squeeze and bullish money flow that propelled the market straight up toward 2,050.

Today’s session saw the achievement of the target on clear negative divergences ahead of a pullback/retracement (minimum) or short-term reversal against 2,050.

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

Health Care – a defensive group – is the strongest sector of the day followed by Industrials.

All other sectors are near or beneath the 50% ‘midpoint’ breadth level, suggesting caution across the board.

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:

Orbital (OA), GNC Holdings, Deckers Outdoors (DECK), and Western Digital (WDC)

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

Hershey (HSY), Comms Sales (CSAL), Valeant Pharma (VRX), and Astrazeneca (AZN)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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