Price is pivoting between the wide range from yesterday’s Fed Announcement.
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.
Our planning levels extended from 1,915 to the 1,875 pivot and so far that continues to be the right strategy.
We still await a breakout from this wide range but until then, we’ll keep playing within the boundaries.
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Let’s see what our Breadth Chart reveals about current market strength (or weakness):
We’re seeing near perfect sector-rotation money from from Risk-On (green) to Risk-Off (red) sectors.
It’s perhaps surprising that Health Care – as you can see below – is by far today’s weakest sector.
Utilities are the strongest. We’ll remain somewhat defensive with this type of mixed money flow picture.
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:
Under Armour (UA), Mellanox (MLNX), Facebook (FB), and Neustar (NSR)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Juniper (JNPR), Alliance (ADS), United Rentals (URI), and eBay (EBAY)
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Corey Rosenbloom, CMT
Afraid to Trade.com
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