Dec 15 VSpike Reversal Intraday Update and Stock Scan

Dec 15, 2014: 2:12 PM CST

After what looked like a positive opening, stocks continued their sell-swing lower, breaking the 2,000 support level.

A bullish divergence and V-Spike Reversal took price back to – then under – 2,000 which will be our focal point for the day.

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

For now, the 2,000 index level will be key for planning real-time trades and strategies today and perhaps beyond.

The market is downtrending on the lower frames and completing a retracement on the higher frames.

Despite the initial bearish activity, Sector Breadth is flashing a slight bullish signal:

Only two sectors have positive breadth readings now – Discretionary and Energy – but the relative strength today is concentrated in the offensive (bullish) sectors.

Relative weakness – except for Financials – appears in the defensive (bearish) sectors of Health Care and Utilities.

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

Cirrus Logic (CRUS), Burlington (BURL), Riverbed Tech (RVBD), and Advisory Board (ABCO).

Potential downtrending candidates exist in stocks showing relative weakness today:

QIWI, Rayonier (RYN), Liberty Media (LMCA), and Novartis (NVS).

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Corey Rosenbloom, CMT
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2 Responses to “Dec 15 VSpike Reversal Intraday Update and Stock Scan”

  1. Dremen Says:

    Reversal is a very common part of Forex and it keeps happening often so that’s why it is so much recommend to only do long term trading so even a wrong trade gives enough chance for a U-turn but if we keep huge lot size or volume than we will not have any chance. I am very fortunate to have OctaFX broker, as it gives me 50% bonus over my deposit so that really helps making profits with much lesser risk.

  2. Mehmood Says:

    I think we could plan up well with this support level. I usually follow this blog to gain so much benefit with any trade and that really helps me with performance. I am currently working with OctaFX broker where they too provide us with daily market news and analysis service, it’s easier to follow for me and rewards quite well especially to do with the accuracy level and been free as well, so basically this is just ideal for anyone.