July 17 Midday Intraday Update and Daily Stock Scan

With the geopolitical news affecting markets, traders seem to be adopting a “Sell First, Ask Questions Later” mentality and that’s perfectly logical.

Let’s update our intraday levels and highlight which stock names are potential trend day candidates.

Start with this morning’s update post on the S&P 500 and Dow Jones rising trendline levels to watch – this will highlight our key levels and targets on any movement away from current pivots.

After that, let’s focus on our Sector Breadth Chart and the message for the day:

We’re seeing a mixed message from Breadth, namely in the form of split relative strength (leadership) in the Risk-ON sectors such as Discretionary, Technology, and Materials but also the Risk-OFF sectors of Staples, Utilities, and especially Health Care.

Move with caution in today’s session – that’s the message from Sector Breadth today.

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

CF Industries (CF), Sherwin-Williams (SHW), Humana Inc (HUM), and Abbott Labs (ABT).

Bearish potential trend day continuity names include the following candidates:

AutoNation Inc (AN), Mattel Inc (MAT), Agilent Tech (A), and EQT Corp (EQT)

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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).