New Month June 1 Stock Scan and Flat Market Update

Jun 1, 2015: 12:35 PM CST

Stocks continued a sideways range, though we’re just now seeing a potential bullish breakout.

Let’s take a look at the current picture and plan the next swing in the market:

Price initially continued the intraday downtrend (falling trendline channel) but reversed up off another positive divergence at the session low.

From there, we saw a sharp rally take price above the 2,114 level – the falling trendline.

We’re monitoring the rest of the session for additional bullish action on an “Open Air” movement higher… and will balance that approach with a bearish/cautious stance IF price falls back under 2,112 and the trendline pattern.

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

Today’s Breadth Chart favors the BULLS as all sectors (except Energy) are above the 50% line.

Our strongest sectors are Industrials and Discretionary, followed by the defensive Health Care and Utilities.

Until proven otherwise, we’ll continue to hear a bullish message from Sector Breadth so far.

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

SINA Corp, Linked In (LNKD), Infosys (INFY), and DISH network.

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

Puma Biotech (PBYI), Jumei (JMEI), BHP Billiton (BBL), and WYNN Resorts.

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Corey Rosenbloom, CMT
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2 Responses to “New Month June 1 Stock Scan and Flat Market Update”

  1. Strong Stock DISH Breaks Higher into Bull Zone | Afraid to Blog Says:

    […] Strong Stock DISH Breaks Higher into Bull Zone Jun 1, 2015: 2:24 PM CST Dish Network (DISH) topped our “Bullish Intraday Trending” Stock Scan this morning. […]

  2. DISH Network Corp (DISH): Strong Stock Breaks Higher Into Bull Zone | GnewsTEKNO Says:

    […] Corey Rosenbloom:  Dish Network (NASDAQ:DISH) surfaced a “Bullish Intraday Trending” Stock Scan this morning. […]