March 11 Support and Market Update with New Stock Scan

Mar 11, 2015: 2:38 PM CST

Today’s session continued the selling pressure of yesterday, but the bears were less relentless.

Buyers stepped in to support the market – at least twice – into the 2,040 S&P 500 pivot.

Let’s update our key levels, highlight the divergence, and of course note trending stocks today:

Our critical support pivot (intraday) will simply be the 2,040 index level.

Look for a breakout rally (short-term) should price break firmly above the 2,047 and 2,050 levels.

It could lead to a retracement back to the 2,060 level (at least for an upside target).

We note the lengthy positive divergence and rising TICK Channel as bullish support-bounce evidence.

Otherwise, this market is bear, bear, bear or sell, sell, sell under the 2,040 pivot.

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

Buyers have hope from the positive signal from our Sector Rotation/Strength chart.

Our weakest sector today (when the market collapsed) was the strongest sector today – Utilities.

All other sectors are stable with Financials and Energy – along with Health Care – showing strength.

We have potential bullish trend continuation plays in the following stocks from our scan:

Salix (SLXP), Tribune (TRCO), Toll Brothers (TOL), and First American Financial (FAF)

Potential downtrending candidates exist in stocks showing relative weakness today:

Tyson Foods (TSN), Wal-Mart (WMT), BHP Billiton (back again – BHP), Altria (MO)

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Corey Rosenbloom, CMT
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3 Responses to “March 11 Support and Market Update with New Stock Scan”

  1. March 12 Big Bull Market Update and Trending Stock Scan | Afraid to Blog Says:

    […] 12 Big Bull Market Update and Trending Stock Scan Mar 12, 2015: 1:21 PM CST As was suggested in yesterday’s post, stocks stabilized off support with positive divergences and today we’re seeing the logical rally-bounce higher – and it’s a big […]

  2. Stocks Falling Market Update and Trending Stock Scan March 13 | Afraid to Blog Says:

    […] and – as I documented – TICK/Internal Divergences preceded both the support-bounce rally along with today’s sharp fall […]

  3. Big Rally Market Update and Trending Stock Scan March 16 | Afraid to Blog Says:

    […] review Wednesday’s mid-day update for a real-time glance at the lengthy positive divergence at support and note the strong rally (here’s Thursday’s intraday […]