Bullish Surge Continues Update and Stock Scan March 30

Mar 30, 2016: 1:08 PM CST

Stocks surged after Janet Yellen reassured markets yesterday that rate hikes will be extremely gradual – if at all – through 2016.

The bullish surged continued with another upside gap and break into the 2,070 level.

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

The trending move continued this morning and stalled with a double-top pattern into the 2,070 level.

Price retraced – logically – toward 2,060 and may be rallying higher into the close today.

Focus your trades and attention on the space between 2,060 and 2,070 today.

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

Sector Strength is broad across the board except for the defensive Utilities group.

All sectors traded  near the 60% to 70% Breadth level (except Utilities) which represents broad-based strength.

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:

Western Alliance (WAL), LuluLemon (LULU), Carnival (CCL), and Metlife (MET)

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

Verint (VRNT), US Concrete (USCR), Paychex (PAYX), and Macy’s (M)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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