Oct 29 Choppy Range at the Highs Update and Stock Scan

Oct 29, 2015: 2:00 PM CST

Following a post-Federal Reserve rally, stocks consolidated at the highs during today’s session.

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

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With the Fed not raising rates as was overwhelmingly expected, stocks fell then stabbed higher toward 2,090.

Today’s session gives us a logical compression or Range Day session to work off yesterday’s excess.

Focus on the 2,090 level (if above, target 2,100) and the current support near 2,084.

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

Sector Breadth is moderate today which reflects the similar consolidation or chop in price.

Health Care and Energy are the strongest sectors today while Technology and Utilities are the weakest.

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:

Hanes Brands (HBI), Brunswick (BC), O’Reilly (ORLY), and Time Warner Cable (TWC)

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

Freescale Semi (FSL), NXP Semi (NXPI), Buffalo Wild Wings (BWLD), and GNC Holdings

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Corey Rosenbloom, CMT
Afraid to Trade.com

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