June 17 Intraday Trading Stock Scan and Market Update

Jun 17, 2014: 1:26 PM CST

While yesterday’s session developed a clear Range Day, today’s session is balancing on the edge of “Range Day” and Trend Day.

Let’s pay close attention to the key levels and the bullish message from Breadth so far:

Note the yellow highlight in the context of the rising “Bear Flag” or rising parallel trendline channel.

It’s expected that price can make a push up through the yellow highlight near 1,940 toward the upper trendline intersecting 1,945.

Look for potential bullish intraday plays above 1,941 toward 1,945 should that occur.

On the other hand, a sudden reversal down against 1,940 opens a logical play toward the 1,937 level and any future clean break under 1,935 may trigger the “Bear Flag” outcome which opens a target toward 1,925 and lower.

Unlike yesterday, Sector Breadth sends a bullish message:

Performance of Dow Jones stocks is mixed while 66% of S&P 500 stocks are positive right now on the session.

Our strongest sectors are clearly the Offensive or Risk-On sectors, especially Financials and Materials where over 80% of their stocks are positive.

Discretionary and Technology – along with Industrials – are also strong on today’s bullish rally session.

We can turn our bull or bear intraday attention to possible trend day stocks on either side:

State Street (SST), Game Stop GME (along with Electronic Arts – EA), Metlife (MET), and Morgan Stanley (MS)

Bearish candidates include the following:

Vertex Pharma (VRTX), Yahoo (YHOO), Medtronic (MDT), and Michael Kors (KORS).

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Corey Rosenbloom, CMT
Afraid to Trade.com

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