July 16 Stock Scan and Intraday Trading Update

Jul 16, 2014: 12:05 PM CST

The bull trend continues higher today but what levels are important and which stocks are possible trend day candidates?

Let’s start with our Intraday S&P 500 Chart and follow-up with our  list of trending stocks:

A simple S&P 500 price level planning chart shows that the 1,976.50 pivot is our key focus for intraday support.

Our other focal level is the prior high just above 1,980 and this morning’s high into  1,984.

A clean breakthrough above the morning high suggests that buyers will trigger a short-squeeze to propel the index into the all-time intraday high of 1,985.50 (July 3).

Technically we’ll look to be neutral within today’s range; bearish under 1,976.50; and otherwise breakout bullish on a clean impulse above the morning high.

Sector Breadth confirms the bullish price action as the relative strength leaders are the “offensive” (bullish) sectors of Technology, Materials, Industrials, and Energy.

Now, let’s shift our attention to bullish-trending stocks for potential buy-trades the rest of the day:

Gapper Time Warner (TWX), Discovery Comm (DISCA), with tech-leaders Intel (INTC), and Microsoft (MSFT).

For those who love to fight trends – or are anticipating an intraday reversal – focus on bearish candidates:

Ross Stores (ROST), Garmin (GRMN), 21 Century Fox (FOXA), and Express Scripts (ESRX).

Join me for a Live Webinar Wednesday:

Also, I’m excited to be teaching an educational webinar as part of the eTrading Expo series this Wednesday (July 16th) at 3:00pm EST entitled “Rounded Reversals: Five Steps to Spotting and Trading Gentle Reversals” which will help you increase your ability to plan market events (and trading strategies) like this. You may use the following link to register for the Rounded Reversal free live presentation.

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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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