February 17 Strong Trending Market Update and Scan

Feb 17, 2016: 2:59 PM CST

Trend Days!  Bullish Price Action!  That’s what we’ve been seeing the last few trading sessions.

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

We were looking for upside action “away from” 1,825 “toward” 1,900, then higher on a breakout above 1,900.

See yesterday’s post:  “February 16 Price Planning for the S&P 500” for additional commentary.

When price breaks through a key level, it often trends as short-sellers rush to cover their positions.

Receive daily updates, planning, and education by joining the Afraid to Trade Premium Membership.

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

We’re seeing across-the-board bullishness except in Utilities.

Combined with price action, the expectation is for additional bullish action in this money flow environment.

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:

TransUnion (TRU), Priceline (PCLN), Helmerich & Payne (HP), and Harley-Davidson (HOG).

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

NONE!  No stocks should be sold short today.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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).

Comments Off on February 17 Strong Trending Market Update and Scan

Comments are closed.