Oct 23 Gapping Market Update and Thrilling Stock Scan

Oct 23, 2015: 12:11 PM CST

The short-squeezed breakout stock market continued higher today with an impulse through the 2,060 pivot.

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

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The 2,060 level was the resistance target and pivot point from the 200 day Simple Moving Average.

The stock market is currently above this key pivot, resuming the bull trend objectively without doubt.

This puts price on a future potential pathway for new all time highs – if buyers can hold above this level.

See Wednesday’s “Pivot Point Planning” for more detailed analysis (including the path to 2,060).

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

The initial bullish price action was muted mid-day and we’re not seeing the same level of bullish money flow we observed yesterday.

The strongest sector – Health Care – is bouncing back from a losing position yesterday.

Otherwise Energy and Staples are weak and ZERO stocks in the Utility Sector are positive right now.

Like price action – up then down – we’re seeing mixed money flow messages.

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:

Verisign (VRSN), Tenneco (TEN), Google (the new Alphabet GOOGL), and Amazon.com (AMZN)

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

Stericycle (SRCL), Skechers (SKX), L Brands (LB), and Foot Locker (FL)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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