Jan 6 Another Crash Market Update and Big Stock Scan

Jan 6, 2016: 2:55 PM CST

2016 is off to a bearish beginning as the S&P 500 plunged to fresh new intraday lows (as did Crude Oil).

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.

So far, that’s been the correct strategy as price continues the higher timeframe distribution pattern (shown to members this weekend).

Price reversed down from our Fibonacci Target (2,021) and now breaks under the key 1,990 low.

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

All Sectors are beneath their 50% Breadth Level and our two main defensive groups – Staples and Utilities – are the strongest groups today.

This bearish or defensive money flow does suggest additional downside price action yet to come.

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:

Precision Castparts (PCP), Adeptus Health (ADPT), Time Warner (TWX), and Reynolds American (RAI)

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

ACADIA Pharma (ACAD), CarMax (KMX), Starwood (HOT), and Williams Companies (WMB)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Jan 6 Another Crash Market Update and Big Stock Scan”

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