June 9 Retrace Bounce Market Update and Big Stock Scan

Jun 9, 2016: 2:56 PM CST

After an expected sell-swing retracement this morning, we’re seeing an aggressive bullish intervention push price back toward the highs.

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

First, let’s view this morning’s update on the S&P 500 with respect to the broader picture and key levels.

You’ll find our “pullback planning” logic which was correct toward the 2,110 pivot level.

Price reversed on a positive divergence just under this reference level and buyers aggressively drove price higher.

For now, we’ll be monitoring the activity between the “neutral range” of 2,110 and 2,120.

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

We have bearish money flow from our sector strength grid.

Staples and Utilities – two defensive groups – are strongest today while all other sectors are weak.

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:

Smucker’s (SJM), Ingredion (INGR), Ameren (AEE), and Pinnacle West (PNW)

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

Team Health (TMH), Restoration Hardware (RH), Best Buy (BBY), and BHP Billiton (BBL)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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