Oct 19 Range Day Update and Trending Stock Scan

Oct 19, 2015: 2:27 PM CST

Friday’s “Wall of Overhead Resistance” continued to play out in today’s Repeat Range session.

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

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Price traded slightly higher above 2,030 mid-day on extended negative divergences – a caution sign.

Note the continued resistance and negative divergences undercutting the rally to new highs.

Our short-term pivot points will be 2,025 and 2,035 for simple planning.

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

We’re mixed yet again with Sector Breadth performance, as we see two distinct clusters.

The Defensive/Bearish Group (Staples, Health Care, and Utilities) are strong today… but so are the Offensive/Bullish names of Financials, Discretionary, and Technology.

The push/pull money flow performance confirms the similar push/pull range day developing in price.

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:

Priceline Group (PCLN), Simon Property (SPG), Thermo Fisher (TMO), and Nike (NKE)

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

Cimarex Energy (XEC), Hanesbrands (HBI), Morgan Stanley (MS), and Valero Energy (VLO)

Corey Rosenbloom, CMT
Afraid to Trade.com

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  1. Wall of Overhead Resistance Continues on Monday Says:

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