Nov 30 Post Holiday Market Update and Stock Scan

Nov 30, 2015: 3:49 PM CST

Welcome back from the Thanksgiving holiday!

Stock prices sagged in a post-holiday decline, falling down away from the 2,100 level.

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

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Our dominant thesis (from the membership planning) called for a likely sell-swing down away from the 2,095/2,100 level.

So far, we’re seeing that initial swing lower as price trades toward – and perhaps under – the 2,080 level.

Further downside targets include 2,070 and Fibonacci Retracement levels.

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

With stocks declining, almost all sectors were negative today except Utilities (defensive) and Energy.

Offensive names Technology and Materials are slightly above the 50% line as all other sectors are down.

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:

ITC Holdings (ITC), Cirrus Logic (CRUS), MasTec (MTZ), and Ambarrella (AMBA)

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

Brunswick (BC), Lululemon (LULU), Caleres (CAL), and Lockheed Martin (LMT)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

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