Jan 25 Market Update and Trending Stock Scan of the Day

Bycjrosen

The consolidation continues into the 1,900 level in the S&P 500 and we have new updates to start the week.

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

As I highlighted last weekend to our Intermarket Strategy Members, we took a bearish turn going into 2016.

Study the update which highlighted the importance of 1,900 and the likely rally building above 1,900.

Also, compare the Daily Chart with the new Weekly Chart Planning and Analysis from this morning.

We’re seeing a continuation of the importance of 1,900 and our level planning with a wider intraday range between 1,890 and 1,900 today.

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

Breadth is weak with price, and the three top sectors of the day (as a group) are the Defensive names.

Technology also is strong among the “Risk-On” sectors.

We’re generally getting a defensive/protective signal from today’s Money Flow grid.

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:

Tyco (TYC), Abiomed (ABMD), Digital Realty (DLR), and Novo-Nordisk (NVO)

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

Packaging Corp (PKG), International Paper (IP), SanDisk (SNDK), Westrock (WRK)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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).

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