Oct 27 Choppy Bear Update and Big Stock Scan

Oct 27, 2015: 1:50 PM CST

Today’s session took a bearish turn as stock prices retraced lower this morning.

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

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We’re looking forward to Wednesday’s “Fed Day” where the Fed will report that it will not raise interest rates.

Anything different would certainly be a big surprise to the stock market.

For now, price is retracing logically down from the 2,075 level where negative divergences undercut the rally.

We’re back to the 2,060 pivot level which could set the stage for a bullish reversal mid-day.

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

We have across-the-board bearish behavior from our Sector Strength Model with one exception.

All sectors are near the 20% positive breadth line except Health Care with 80% of stocks positive.

Health Care has been volatile lately, and we can see the shining light of green in a sea of red below.

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:

Amazon.com (AMZN), Shire (SHPG), Dupont (DD), and Cigna (CI)

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

Cummins (CMI), PACCAR (PCAR), Lexmark (LXK), and Jacobs Engineering Group (JEC)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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2 Comments

2 Responses to “Oct 27 Choppy Bear Update and Big Stock Scan”

  1. Tuesday's Session Takes a Bearish Turn Says:

    […] By Corey Rosenbloom […]

  2. Tiwari Says:

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