Dec 17 Fed Day Market Update and Trending Stock Scan

Dec 17, 2014: 2:44 PM CST

With today’s Fed Day generating the typical pattern and volatility, let’s focus on our levels and stocks to trade:

Chair Yellen is current speaking at the post-announcement press conference so be sure to follow market reaction to any new information revealed.

In absence of any surprises, focus your attention on the blue highlight near 2,015 which is the prior two swing highs (and just shy of today’s spike high).

This will be today’s pivot along with 2,000 as a possible floor (target) of support.

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

All sectors – at the moment – trade near the 100% Breadth (all stocks in the sector are positive) level except for Industrials where 85% of stocks are positive at the moment.

This signals broader bullish money flow into the stock market and suggests a possible bullish short-term future.

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

Teekay (TK), NPS Pharma (NPSP), Taser (TASR) and Fleetcor Tech (FLT).

Potential downtrending candidates exist in stocks showing relative weakness today:

WYNN (back again), FedEx (FDX – also back again), Expeditors (EXPD), and Tupperwear (TUP).

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Dec 17 Fed Day Market Update and Trending Stock Scan”

  1. Kasturi Says:

    It’s great chance for entering into a trade, but of course we need to make sure we are with the trend instead of against it, if we’re against the trend then we could lose massively. I always follow the trend and that’s why I am able to perform very well and that’s what eventually allows me to succeed. It’s all due to OctaFX broker through their daily market news and analysis service which helps me staying aware of the trend.