Down to the Lows We Go Market Update and Stock Scan Sept 29

Sep 28, 2015: 2:13 PM CST

There we go again! The general expectation was that price would likely retest or trade toward the prior “spike-reversal” August low and the last few trading days have set that swing in motion to the lows.

Let’s update our levels and plan the remainder of today’s session:

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Here’s a quote from last night’s member strategy planning report:

The 1,900 level is the weekly focal point as the market is poised likely to repeat the 2010 and 2011 similar example where price stabbed lower, bounced into a retracement, and then made one more new index low before bottoming and reversing higher.”

For a video analysis on this “Repeat Pattern,” take a moment to view:

“A Retracement or Reversal?  Comparing 2010 and 2011 with the 2015 Market”

So far, the price is precisely following the pattern as expected logically.

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

10% of Utilities Sector stocks are up while virtually all other stocks are negative in today’s collapse session.

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:

Look carefully in the “stocks” I selected today.

The only stock that met our uptrending algorithmic criterion was Pepco Holdings (POM).

All the remaining are ETFs which include Treasuries (TLT) and the inverse “UltraShort” (2x Inverse) SDS and QID.

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

Range Resources (RRC), Team Health (TMH), Stifel (SF), and HCP

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Corey Rosenbloom, CMT
Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

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