Nov 6 Jobs Report Friday Update and Stock Scan

With a stronger than expected Jobs Report this morning, it increases the probability the Fed will raise rates in December.

That’s boosting the Dollar, initially sending stocks lower, collapsing Treasuries, and also weakening commodities.

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

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We see the short-term downtrend – a higher timeframe simple retracement – continue.

Price takes a bearish turn under 2,100 but so far has held support at the key 2,090 level from before.

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

Despite the selling or bearish pressure today, we’re actually seeing strong or bullish Money Flow.

Our strongest categories are the “Risk On” Offensive groups while the defensive names – with Energy – are today’s weakest groups.

This does suggest more bullish optimism than price would otherwise suggest (especially with Financials).

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:

Ubiquiti Networks (UBNT), Charles Schwab (SCHW), Monster Beverage (MNST), Nvidia (NVDA)

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

Men’s Wearhouse (MW), Neustar (NSR), Aqua America (WTR), and Sanofi Aventis (SNY)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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