July 27 More Selling Market Update and Big Stock Scan

Jul 27, 2015: 2:49 PM CST

Stocks continued their sell-off toward lower support targets, and that’s where we begin today’s update.

Let’s get right to it!

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

“For now, unless buyers can push the market up off the 2,070 @ES pivot as drawn (2,080 SPX), then we’re going to keep aggressively playing the market short/bearishly toward the full target near 2,065.”

On the break under the 2,080 pivot (in the S&P 500), sellers did indeed collapse the market straight down to the 2,065 target as noted to members.

It’s at this point that we’re again building a “will it bounce… or keep retracing” game-planning strategy.

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

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

Like Friday, the strongest sector clearly is the Utilities group with 93% of stocks positive at the moment.

All other sectors languish beneath the 50% Breadth level and Staples is the “best of the worst” group.

Volume and Breadth are confirming today’s sell-swing in the market (continued retracement).

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

Teva Pharm (TEVA), PG&E Corp (PCG), Xcel Energy (XEL), and Westar Energy (WR)

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

Polyone (POL), GrubHub (GRUB), Netease (NTES), and United Natural Foods (UNFI)

Afraid to Trade Premium Content and Membership

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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).

1 Comment

One Response to “July 27 More Selling Market Update and Big Stock Scan”

  1. Tendulkar Says:

    Market is obviously towards down side and that’s what we can take benefit of if we work properly. In my view we need to be really good in how we work and must go with trend, if we do opposite then we can struggle badly. I am lucky that I work with OctaFX broker where I am able to decide direction easily due to their daily market news and updates which is really deadly accurate while it is also completely free too, so that’s why I love it so much!