June 26 Repeat Day Market Update and Stock Scan

Jun 26, 2015: 12:32 PM CST

So far, price is repeating a pattern that we saw yesterday.

Both sessions saw rallies up off a key support level, only to see price break and collapse under this level mid-day to continue the sell-swing (retracement) on the higher timeframe.

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

Here’s a key strategy planning quote from last night’s members-only update:

“On a bigger picture, price remains in a TRADING RANGE (Daily chart) and at the moment, should continue trading DOWN AWAY FROM the upper resistance level – we’ve seen this happen over the last three sessions as expected.”

“For now, if price continues to “do what it should do,” then it will fall down toward the 2,080 level, down away from the 2,100 support level.”

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We note the real-time action as price continues to “do what it should do.”

For intraday and swing traders, it’s just a matter of trading the retracements or even breakdown trades that trigger along the price pathway lower (should it continue).

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

Breadth is actually neutral to slightly positive today with strength (so far) in Financials, Discretionary, and Utilities.

Our weakest sector is Technology followed by Health Care (the winner yesterday).

Price is neutral and breaking lower and Breadth – while sending a slightly bullish indication – is still defensive.

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

Nielsen (NLSN), Cablevision (CVC), Agco (AGCO), and John Deere (DE)

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

Transcanada (TRP), Comms Sales/Leasing (CSAL), Starwood Property (STWD), and Sohu.com (SOHU)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

One Response to “June 26 Repeat Day Market Update and Stock Scan”

  1. Shahid Says:

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