Oct 6 Range Resistance Market Update and Stock Scan

Oct 6, 2015: 3:11 PM CST

After yesterday’s strong Trend Day to the upside, stocks consolidated into a logical trading range today.

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

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Here’s a quote from last night’s member strategy planning report:

“At this point, we’ve rapidly and successfully achieved our expected upside confluence target and at this point, we’re playing 1,980 and 2,000 as a neutral pivot.”

We expected a logical pullback or Range Day development today as discussed in this morning’s Market Briefing with TradeStation (“A Range Day is Favored”).

At this point, we’re neutral with a sideways (intraday) trading range developing into 1,985/1,990 and slightly above 1,970.

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

Energy was the strongest sector today though Health Care had almost all stocks negative today.

Strength was concentrated in the bullish or offensive sectors like Technology, Materials, and Industrials today but that’s not saying much as only two sectors were above the 50% Breadth line.

Cautious optimism may best describe today’s session in terms of sector breadth and money flow.

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:

Peabody Energy (BTU), Methanex (MEOH), Gulfport Energy (GPOR), and Antero (AR)

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

Vantiv (VNTV), Abiomed (ABMD), Dollar General (DG), and Quintiles (Q)

Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Oct 6 Range Resistance Market Update and Stock Scan”

  1. Kader Says:

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