Dec 28 Reversal Market Update and Trending Stock Scan

Dec 28, 2015: 3:43 PM CST

Stocks played off a key pivot level this morning, but reversed off support mid-morning.

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

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We were playing cautiously according to the analysis and planning from the prior report.

We noted the negative divergences into the underside of a key trendline and resistance near 2,065.

Price did trade lower as expected, and achieved our initial downside target into 2,045 – from which a rally emerged.

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

All sectors are negative today except for the defensive Utilities Group which shows 80% of stocks positive.

Despite the mid-day rally, we’re still cautious during today’s “Risk-Off” or capital-preservation session.

Energy is the hardest hit sector along with Basic Materials today.

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:

Arista Networks (ANET), Google (GOOGL), Amazon.com (AMZN), and NASDAQ Inc (NDAQ)

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

Valeant Pharma (VRX), Oil States (OIS), NCR Corp, and Post Holdings (POST)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Dec 28 Reversal Market Update and Trending Stock Scan”

  1. Sonalika Says:

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