Jan 21 Intraday Update and Big Trend Stock Scan

Jan 21, 2015: 2:47 PM CST

What levels are important in the market right now and which stocks are the top trending candidates of the day?

We’ll start our update and stock scan with our S&P 500 level chart:

Our key focal point will be the converging trendlines – namely the horizontal line near 2,027 and the rising lower trendline intersecting 2,023.

The S&P 500 should be deemed bullish above these pivot points and cautious/bearish for a breakdown beneath them.

A clean breakthrough above the 2,030 level suggests price can easily – and likely will – travel back to 2,035 or beyond.

What is Sector Breadth revealing about today’s session? Let’s discover together:

All sectors are bullish today with Energy (along with Materials, Industrials, and Utilities) showing relative strength today.

Our weakest sectors include Financials, Technology, and Health Care.

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

Big gapper Netflix (NFLX), China Mobile (CHL), Ctrip.com (CTRP), and Domtar (UFS).

Potential downtrending candidates exist in stocks showing relative weakness today:

CA Inc, Alder (ALDR), Avalanche (AAVL), and LendingClub (LC).

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Corey Rosenbloom, CMT
Afraid to Trade.com

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