New High Market Update and Stock Scan Sept 18

Perhaps not surprisingly, the stock market pushed yet again to another intraday high today as the non-stop bullish uptrend continued.

Let’s take a look at our current S&P 500 levels, Sector Breadth, and note the top trending stocks of the day:

Yesterday’s Fed Day simply spurred additional buying pressure into the market – initially from bulls/buyers and then from frustrated short-sellers (buying-back to cover losing positions) and the bullish money flow continued into today’s session.

Price has compressed distinctly around the 2,009/2,010 target level and we’ll be on guard for a breakout or price expansion from this key index level.

Not surprisingly, Sector Breadth is very Bullish:

Like yesterday, strength developed in the Offensive Sectors and we’re seeing that same pattern again during today’s bullish session.

Our strongest sectors are Technology with Health Care while relative strength still concentrates in the offensive names (like Financials and Industrials).

Our weakest sectors are the defensive/bearish Utilities and Energy (that’s also bullish).

Potential bullish trend day continuation (buy retracements) stocks include the following:

Dupont Denemours (DD – top spot for a second day in a row), CME Group (CME), Goldman Sachs (GS), and Wynn Resorts (WYNN).

Today’s downtrending stock scan includes the following bearish candidates today:

Consol Energy (CNX), Peabody Energy (BTU), Dollar General (DG), and QEP Resources.

Afraid to Trade Premium Content and Membership

Follow along with members of the Daily Commentary and Idealized Trades summaries 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).

Similar Posts

2 Comments

  1. Forex market is such a strange case that it mostly moves to high quickly while low takes years’ time. I think just because of this we need to do long term trading, otherwise we will only suffer badly and lose our money. I trade on OctaFX where they have ideal options for people who love long term trading, its swap free account which we can open without any restrictions and get tension free because of no need of paying any fees.

Comments are closed.