Feb 2 VSpike Market Update and Trending Stock Scan

Feb 2, 2015: 2:07 PM CST

Stocks continued their sell-swing, yet we’re seeing a similar intervention or V-Spike Pattern that played out last Thursday.

We’ll start with the ongoing intraday downtrend the S&P 500 and highlight our trending stocks:

For a broader discussion on this ongoing and important pattern, see my update post “Plotting the Current Range and Future Breakout for the S&P 500.”

We’re seeing a tepid downward break in price under the 2,000 level but we’ve also seen two intervention V-Spike Reversals under 2,000, threatening to spring a Bear Trap.

Nevertheless, the key focal point for traders will still be the 2,000 level and the bull/bear interaction here.

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

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

Marathon Oil (MRO), Jacobs Engineering (JEC), Whiting (WLL), and Suncor (SU)

Potential downtrending candidates exist in stocks showing relative weakness today:

Qorvo (QRVO), Wyndham (WYN), Darden (DRI), and Pitney Bowes (PBI)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Feb 2 VSpike Market Update and Trending Stock Scan”

  1. Mahesh Says:

    It’s slightly surprising to see such a strong uptrend especially given that we see Dollars getting rolling badly, I mostly prefer to trade on Dollar only and at the moment it looks very bad and mostly downtrend. I am into a long trade since last 4 months and lucky it has been right and I have made solid profits but I must give credit to my broker OctaFX, it is due to their swap free option that has allowed me to keep my trades on for so long without any charges.