Neverending Bull Market Breakout and Stock Scan July 20

Jul 20, 2016: 2:52 PM CST

Buyers continued to short-squeeze the market through to new all-time highs!

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

We’ve seen numerous bullish upside gaps result in bullish trend days lately as the short-squeezed bullish rally continues.

Today we saw another break through the 2,170 level that extended the S&P 500 toward 2,170.

Despite an midday pullback, buyers stepped back in to close the S&P 500 at another all-time high.

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

Everything is bullish today… except Staples and Utilities – and to an extent, Energy.

In fact, our Defensive Groups are the weakest sectors of the day while all Bullish Groups are strong and getting stronger.

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Allied World (AWH), Cintas (CTAS), SAP, and Tupperware (TUP)

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

Agnico Eagle (AEM), Campell (CPB), Newmont Mining (NEM), and Rangold (GOLD)

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Neverending Bull Market Breakout and Stock Scan July 20”

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