June 22 Intraday Reversal Market Update and Stock Scan

Jun 22, 2016: 12:48 PM CST

Price retested the 2,100 key level… but failed to hold it this afternoon.

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

We’ve been focusing on the 2,100 S&P 500 Index level and price challenged – and failed – at this level twice.

We often frame our intraday or swing trades on price moving “toward” or “away from” a key level.

2,100 is that critical bull/bear pivot level right now.

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

We’re roughly balanced across the board with Energy and Utilities under-performing and Health Care with Financials out-performing today.

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:

Varian Medical (VAR), Newfield (NFX), Restoration Hardware (RH), and Smith & Wesson (SWHC)

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

Tesla Motors (TSLA), FedEx (FDX), Actuant (ATU), and Adobe Systems (ADBE)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “June 22 Intraday Reversal Market Update and Stock Scan”

  1. Root Says:

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