May 22 Breakout Trend Day Intraday Trading Update

May 22, 2014: 1:04 PM CST

We continue to see bullish strength in the stock market, so let’s take a quick mid-day update at the key levels, Sector Breadth, and trending stocks at the moment.

We’ll start as usual with the S&P 500 intraday chart:

We’re seeing another strong Trend Day unfolding which has been the case every day this week (Tuesday was a Trend Day down).

I consistently stress the importance of early recognition and appropriate trading tactics to my membership (there’s a certain way to trade trend days – failing to use the right strategy can result in significant losses by fighting the trend).

The current reference levels include 1,896 (bullish for another potential breakout) and 1,892.

The market is neutral/cautious between these levels and bearish for a breakdown ONLY if we see a trigger-break under 1,892 which could spark a quick reversal.

Unlike yesterday where Sector Breadth strongly confirmed the bullish move, the message is different today:

Utilities is the Strongest Sector today with almost all stocks (in the S&P 500 sector) up on the session.

We see across the board strength in all sectors except for Consumer Staples (a defensive sector) where 36% of stocks are positive on the session right now.

It’s a caution sign to see Utilities this strong on an otherwise bullish power-trend day.

Finally, we can look to individual stocks (in leading sectors) for potential trend day continuity profit:

Chipotle (CMG), Ciena Corp (CIEN), Vertex Pharma (VRTX), and Williams-Sonoma (WSM).

Donwtrending “fight the trend” candidates also may include the following stocks:

Sina Corp (SINA), Apollo Education Group (APOL), Tata Motors (TTM), and Edwards Lifesciences (EW).

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Corey Rosenbloom, CMT
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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).


9 Responses to “May 22 Breakout Trend Day Intraday Trading Update”

  1. May 23 Trend Day into Resistance SP500 Intraday Update | Afraid to Blog Says:

    […] Be sure to reference yesterday’s update – if only for the benefit of learning what happened next – and apply that same logic to today’s near-identical uptrending/breakout session. […]

  2. Trend Day into Resistance SP500 Intraday Update Says:

    […] Be sure to reference yesterday’s update – if only for the benefit of learning what happened next – and apply that same logic to today’s near-identical uptrending/breakout session. […]

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