Bullish Surge Update and Stock Scan Feb 25

Feb 25, 2016: 3:20 PM CST

Yesterday’s “Bear Trap” reversal propelled price back to the highs into 1,945 ahead of a possible breakout.

Will price break out?  See this morning’s update for targets if so.

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

Sellers formed united resistance into the 1,940/1,945 upside target but Buyers are setting up for a breakout.

Use 1,945 as a key “Pivot Point” where bullish strategies are favored above and bearish ones beneath this level.

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

Almost all sectors today are near the 80% Breadth level except for Energy, our weakest sector today.

Money Flow today is bullish and stable – again except for Energy/Oil stocks.

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:

Carter’s (CRI), Domino’s Pizza (DPZ), Team Health (TMH), and Campbell’s Soup (CPB)

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

Restoration Hardware (RH), Zebra Tech (ZBRA), Chipotle (CMG), and Westar Energy (WR)

You can check our update on key levels in Chipotle (CMG) from earlier in the week (setting up the fall to $500).

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Corey Rosenbloom, CMT
Afraid to Trade.com

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