Feb 18 Rally into Resistance Update and Scan

Feb 18, 2016: 3:47 PM CST

Price traded into the 1,925/1,930 level in the S&P 500 and stalled for a retracement lower today.

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

Price fulfilled our expectation and traded sharply higher – impulsively – above the 1,900 level toward the 1,925 target yesterday.

Price stalled on negative divergences and then turned lower today, moving “down away from” 1,930’s high.

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

Today’s Money Flow grid is a reversal of what we’ve seen over the last few Trend Day sessions.

We’re seeing Defensive Money Flow with Utilities as the strongest sector and all other sectors (except Industrials) under the 50% Breadth Line.

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:

EPAM Systems, Nvidia Corp (NVDA), IBM, and CF Industries

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

US Bancorp (USB), Perrigo (PRGO), Wal-Mart (WMT), and Goldman Sachs (GS)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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