June 19 Retracement Market Update and Big Trending Stock Scan

After two solid up-sessions, price pulled back in a retracement from resistance today.

What’s going on now and what levels are important now?  Let’s see:

Price “Short-Squeezed” its way up to the 2,125 target yesterday and is now retracing down away from this level on negative divergences.

At the moment, we’re focusing our attention on the 2,110 pivot where the market trades currently.

This will be our intraday support-bounce (inflection) target.

Look to play a possible bullish rally up off this level… or alternate bearish continuation of the retracement.

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

While yesterday logically saw bullish “Risk-On” Money Flow, today we’re not seeing the follow-through.

See yesterday morning’s “Intermarket Money Flow Grid after the Fed” update for more information.

The bullish domination of yesterday is giving way to weakness and profit-taking today.

Our strongest sectors are just above the 50% “halfway” Breadth level – the Consumer Sectors.

Otherwise, Health Care is the strongest while all other sectors trade at or beneath the 20% level.

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

Conagra Foods (CAG), Pinnacle Foods (PF), Twitter (TWTR), and American Airlines (AAL)

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

Macerich (MAC), Hershey (HSY), Sun Life (SLF), and CME Group (CME).

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Corey Rosenbloom, CMT
Afraid to Trade.com

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