So far, that was a strong bullish move off the open and above our 2,000 breakout target level.
Let’s update our levels for the S&P 500 Index and note the big trending stocks today:
Price moved “up away from” the 1,965 target level back “toward” the 2,000 level on a reversal yesterday that gave us this morning’s opening gap.
A powerful Trend Day – and strong short-squeeze against the bears – gave us the rally “up away from” 2,000 toward our new 2,020 target.
Focus your attention now on 2,020 (hindsight!) and adjust your trades accordingly (bullish above; cautious beneath).
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Let’s see what our Breadth Chart reveals about current market strength (or weakness):
This is the picture of strong (bullish) Money Flow from our Sector Strength model.
Our strongest sectors are the Offensive (green) groups while the weakest sectors today are the Defensive (red) groups like Staples and Utilities.
This is a confirmation of the bullish strength and suggests the potential for more bullish activity.
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:
Ulta Salon (ULTA), Oceaneering (OII), Sina Corp (SINA), and Jazz Pharma (JAZZ)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Pepco (POM), ServiceMaster (SERV), Altria (MO), and Mosaic (MOS)
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Corey Rosenbloom, CMT
Afraid to Trade.com
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