Nov 4 Finally a Retracement Market Update and Stock Scan

Nov 4, 2015: 2:33 PM CST

Part of me can’t believe that the stock market can actually decline!  Unprecedented!  How can that happen?!

Sarcasm aside, stocks logically retraced lower away from 2,115 toward the key 2,100 pivot level today.

Let’s update our levels for the S&P 500 Index:

In-depth analysis is always provided to members of the Premium Daily Reports – I hope you’ll join and benefit.

Negative divergences in an over-extended rally finally caught up with price; today’s session is a retracement.

Here’s a key quote from last night’s strategy and planning report for members:

“We’ll be more cautious tomorrow due to the negative divergences in momentum and Internals (Breadth)”

Receive daily updates, planning, and education by joining the Afraid to Trade Premium Membership.

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

As I highlighted yesterday, Sector Breadth was weaker as the stock market was short-squeezed to new highs.

The divergences caught up with price and now we’re seeing the price weakness and caution.

The Utilities Sector – defensive – is the top performer of today and it’s the only sector above 50%.

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

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

Globus Medical (GMED), Tesla (TSLA), Rexnord (RXN), and Myriad Genetics (MYGN)

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

Voya Financial (VOYA), Motorola (MSI), 21st Century Fox (FOXA), and Darden Restaurants (DRI)

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to

Follow Corey on Twitter:

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).

1 Comment

One Response to “Nov 4 Finally a Retracement Market Update and Stock Scan”

  1. Stock Market Declines on Wednesday Says:

    […] By Corey Rosenbloom […]