March 8 Market Update and Big Stock Scan of the Day

Mar 8, 2016: 2:08 PM CST

Stocks declined “away from” 2,000 today but reversed course quickly in the morning.

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

Monday saw initial downside action – choppy in both directions – at the 2,000 level.

Be sure to see yesterday’s update “The Big Battle for 2,000” and put that into today’s context.

An initial downside target into 1,980 was achieved and price reversed higher via positive divergences.

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

With the downside price action, we’re seeing “bearish” money flow (sector action) via strength in Staples and Utilities.

Our weakest sectors are the “offensive” (green) group while Energy shows zero stocks positive right now.

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:

Urban Outfitters (URBN), Portland General (POR), Digital Realty (DLR), and Coca-Cola (KO)

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

JetBlue (JBLU), AutoNation (AN), Archer-Daniels-Midland (ADM), and Delta Airlines (DAL)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “March 8 Market Update and Big Stock Scan of the Day”

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