Dec 10 Breakdown and Breakout Intraday Update with Stock Scan

Dec 10, 2014: 2:36 PM CST

After a stellar intraday reversal yesterday, sellers continued their pressure today with a breakdown Trend Day.

Let’s update our levels and highlight the strongest trending stocks to trade for the moment:

Our key focal point yesterday was the 2,035 level from which the V-Spike Reversal developed

Price traded toward the 2,060 level and now has fallen sharply lower on dual divergences back to the 2,035 target level.

Simple as it is, we’ll continue to reference 2,035 as the intraday pivot where aggressive short-sell trades develop under and cautious/neutral bullish plays develop above it.

Sector Breadth can be deemed cautious or bearish at the moment:

All sectors are experienced broad-based selling today and the only “strong” sector is the Staples sector with 20% of stocks positive.

In reality, all sectors are under distribution and no sector at the moment should be considered “strong.”

We have potential bullish trend continuation plays in the following stocks:

Bemis (BMS), Astrazeneca (AZN), Keurig Green Mountain (GMCR), and Ventas (VTR).

Potential downtrending candidates exist in stocks showing relative weakness today:

Yum Brands (YUM), Wynn Resorts, Jacobs Engineering (JEC), and Atlas Energy (ATLS).

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Dec 10 Breakdown and Breakout Intraday Update with Stock Scan”

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