July 24 High Activity Market Update and Stock Scan

Jul 24, 2015: 1:46 PM CST

With many stocks gapping, gold surging, and stock plunging, there’s a lot to cover in today’s update.

Let’s get right to it!

Here’s a game-planning quote from last night’s member update:

“We’re already logically moving down away from 2,135 and if price breaks 2,100 – as was the case in June under an identical planning spot – then we’ll simply keep trading bearishly down toward 2,065 (200 day SMA).”

So far, we’re indeed seeing this breakdown under 2,100 (see chart above) and the repeat sell-swing like we saw in June.

Today’s T3 Trend Day (the most powerful example) allowed for repeated short-selling intraday trades, or a simple swing trade (short) on the break and movement away from 2,100.

Follow along with members for more precise daily planning, analysis, and education.

Gold finally “caught a bid” and is rallying powerfully up toward its $1,100 level on a strong trend day.

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

Today’s strongest sector clearly is the Utilities group with 67% of stocks positive today.

All other sectors are showing extreme bearishness or sell-volume money flow on today’s sell session.

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Marketo (MKTO), Visa (V), Flir (FLIR), and earnings-gapper Amazon.com (AMZN)

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

Capital One Financial (COF), Cepheid (CPHD), Biogen (BIIB) and TripAdvisor (TRIP)

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership 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).

Comments Off on July 24 High Activity Market Update and Stock Scan

Comments are closed.