March 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 rally.

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

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

First, review yesterday’s mid-day update for a real-time glance at the lengthy positive divergence at support and compare the outcome – exactly what should have happened – to today’s bounce.

Members also had a deeper discussion of targets, inflection points, and likely price pathways that are realized today.

Quite simply, we expected the market to trade (inflect) up off the 2,040 pivot toward the current 2,060 level.

From this point into the close, we’re monitoring the 2,060 target and the move is complete – use 2,600 as the current pivot.

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

Again, yesterday’s Sector Breadth Chart – along with the positive Market Internal Divergence – strongly suggested higher odds for a bounce-rally event today.

We’re seeing the bounce-rally off support and today’s Breadth Chart is just about as bullish as we can get.

The weakest sector is Energy, which isn’t that bad of a signal given the broader strength across the board.

We won’t fight this clear trend in bullish money flow – go where the money goes.

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

MS, PNC Financial (PNC), Taser (TASR), and Charter (CHTR)

Potential downtrending candidates exist in stocks showing relative weakness today:

Acadia (ACAD), Harley-Davidson (HOG), Microsoft (MSFT), Targa (TRGP)

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Corey Rosenbloom, CMT
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4 Responses to “March 12 Big Bull Market Update and Trending Stock Scan”

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

    […] First, 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 update). […]

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