Oct 26 Flat Market Update with Big Trending Stock Scan

Oct 26, 2015: 2:36 PM CST

Today’s session is a low volatility compression Range Day in the S&P 500, but there are trending stocks to play.

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

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With Friday’s breakout surge above the 2,060 bull/bear pivot level, price stalled above 2,070 and has formed a clear Magnet or Midpoint Price at the current level of 2,071.

Note the visual symmetrical triangle or compression trendlines developing into this spot.

Look to play bullishly for a breakout beyond 2,075 or bearishly under 2,065 for a possible impulse swing.

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

As is often the case on Range Days, we’re seeing a mixed signal from Money Flow or Sector Breadth.

The strongest two sectors are Discretionary and Health Care, one from an Offensive and one from a Defensive group.

Otherwise breadth is flat (under 50%) while Materials and Energy are today’s weakest sectors.

With no clear signal, price is left to dwindle into a sideways compression without direction.

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:

Ctrip.com (CTRP), Sonic (SONC), Priceline (PCLN), and JetBlue Airways (JBLU)

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

Tyson Foods (TSN), Sprouts Farmers Markets (SFM), Cal-Maine Foods (CALM), and Kinder Morgan (KMI)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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2 Comments

2 Responses to “Oct 26 Flat Market Update with Big Trending Stock Scan”

  1. Low Volatility Compression Range Day on Monday Says:

    […] By Corey Rosenbloom […]

  2. Shaun Says:

    Going with the trend seems to be the best thing, but it is obviously harder to figure out the right trend, so that’s why we need to be careful about things. I usually use MA and few other indicators in order to check out the trend. At the moment, I am trading with OctaFX broker and they have brilliant cTrader platform, it is extra-ordinary with allowing us to analysis things well without much difficulty at all and always keep me performing at my best.