Nov 11 Veterans Day Update and Stock Scan

Nov 11, 2015: 2:42 PM CST

Happy Veteran’s Day!

The S&P 500 is currently trading within a well-defined short-term range to mark the holiday.

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

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Price continued the retracement higher and we now see clear trendlines (a rising rectangle) define the day.

Note the two rallies up today off the trendline and the resistance near 2,087 which is a Fibonacci Retracement (61.8%) and also a trendline (not drawn).

Look to play “Ping-Pong” between these rising levels unless we see a firm breakdown under 2,080.

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

Despite a lackluster performance in the market today, Breadth is relatively strong.

The defensive groups of Health Care and Utilities are strong along with Technology, Materials, and Industrials.

Our weakest sector – complete with oil dropping to new swing lows again – is Energy.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).

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

Thompson Corp (TRI), Motorola (MSI), TripAdvisor (TRIP), and CubeSmart (CUBE)

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

Express Scripts (ESRX), Macy’s (M), AmTrust (AFSI), and CVS

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Corey Rosenbloom, CMT
Afraid to Trade.com

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