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.

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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

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)

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Corey Rosenbloom, CMT
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