June 22 Big Greek Rally Update and Stock Scan

Greece is saved!  For the one hundredth time.  And stocks boosted higher off the open as a result!

Nevertheless, here we are as we start a fresh new trading week near all-time highs.

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

Positive news on Greece (which can change just as quickly with new information) helped boost equity prices as we started today’s session.

Price traded through the 2,125 level and currently is retracing to the support pivot near 2,120.

For now, continue watching this short-term news-driven (Fed and Greece) positive rally.

Note the negative divergences in TICK – or at least the non-confirmation of this morning’s high.

We’ll use the 2,120 level (S&P 500) as an intraday bull/bear pivot as we move toward today’s close.

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

Our Sector Strength (Breadth) Grid does confirm the rally as all sectors – except defensive Utilities – are above the 50% Breadth line.

In fact, most sectors are recording Breadth near the 70% to 80% levels – a confirmation.

With Utilities as the weakest sector, that’s actually a bullish sign of positive money flow into the market.

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

Williams Companies (WMB), Aetna (AET), Anthem (ANTM), and Sanofi Aventis (SNY)

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

Williams Partners (WPZ), Ambarella (AMBA), Packaging Corp (PKG), and GoPro Inc (GPRO)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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