Feb 19 Support Bounce Market Update and Big Stock Scan

Feb 19, 2016: 2:37 PM CST

Price fell as forecast from the 1,925/1,9230 level toward our 1,900 pivot – where we bounced powerfully today.

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

We expected a movement “down away from” the 1,925 level toward 1,900 and price almost exactly achieved this target.

A strong bullish bounce took price back within the range into the 1,915 pivot where today’s session remains.

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

We’re seeing mixed Money Flow which coincides with today’s mixed price action (down then up).

The strongest two sectors are in both Offensive and Defensive Groups – Technology and Staples.

All other sectors remain somewhat weak with Energy the weakest of the day (again).

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:

Rovi Corp (ROVI), AMN Healthcare (AHS), Verint Systems (VRNT), and Autodesk (ADSK)

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

Flowserve (FLS), Tyco International (TYC), International Paper (IP), and John Deere & Co (DE)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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