March 9 Ranging Market Update and Stock Scan

Mar 9, 2016: 2:37 PM CST

The 1,980 level in the S&P 500 has been our target (and support zone) and price bounced higher today.

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

From our strategy planning member report, we were using 1,980 as both a downside target (achieved yesterday and then again today) AND a support-pivot play.

Price did bounce higher, creating a Range Day environment during today’s session between 1,980 and 1,990.

The intraday uptrend would continue with a bullish breakthrough beyond 1,990.

Receive daily updates, planning, and education by joining the Afraid to Trade Premium Membership.

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

Though it may not look like it from price alone, today’s session is actually quite bullish.

Notice that all sectors are above the 50% Breadth threshold and the strongest sectors are in the green “Risk-On” groups.

The weakest two sectors include Health Care and Financials today.

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:

Blue Buffalo (BUFF), Darden Restaurants (DRI), Toronto-Dominion Bank (TD), and Digital Realty (DLR)

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

WellCare Health (WCG), Keysight Tech (KEYS), Amgen (AMGN), and Renegeron (REGN)

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

Comments Off on March 9 Ranging Market Update and Stock Scan

Comments are closed.