June 10 Retracement to Target Market Update and Stock Scan

Jun 10, 2016: 12:43 PM CST

Retracement!  Price fell down away from the 2,120 target as expected toward the 2,100 level – a key pivot.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

First, let’s view this morning’s update on the S&P 500 with respect to the broader picture and key levels.

You’ll find our “pullback planning” logic which was correct now into the 2,100 pivot level.

After an initial bounce off 2,110, price gapped lower and collapsed (gap open) into 2,100.

We’re focusing now on the Red/Green Price Pathways away from 2,100 as highlighted above.

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

No sector is strongly above the 30% Breadth Level and Energy has zero stocks positive at the moment.

This type of money flow aligns with the bearish price action and risk-off phase we’re currently seeing.

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:

Ingevity (NGVT), H&R Block (HRB), Walgreen Boots (WBA), Verizon (VZ)

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

HSBC Holdings, Unilever (UN), Anheuser-Busch InBev (BUD), and Conoco Phillips (COP)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “June 10 Retracement to Target Market Update and Stock Scan”

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