October 1 New Quarter Market Update and Stock Scan

Oct 1, 2015: 12:25 PM CST

Welcome to October and the final quarter of 2015!

Price is falling from resistance as a short-term trading range has developed.

Let’s update our levels and plan the remainder of today’s session:

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

“Price is now forming slight negative divergences into the underside of resistance at 1,920 so focus on 1,920 (38.2% Fibonacci Retracement) and the potential for a sell-swing lower tomorrow.”

Indeed, today’s session so far has given us our expected “sell swing lower” down away from 1,920 toward the 1,900 target level again.

We’re focusing on this range – as highlighted – for our trading decisions today.

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

Yesterday saw strong breadth in all sectors while today shows weak breadth reading in all sectors except three:  Materials, Energy, and Health Care.

It’s a mixed picture of bearish weakness in both price action and sector performance.

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:

Sarepta (SRPT), Verisk (VRSK), Trex Co (TREX), and VM Ware (VMW)

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

Dunkin’ Brands (DNKN), Agco Corp (AGCO), Illumina (ILMN), and Travelers (TRV)

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

One Response to “October 1 New Quarter Market Update and Stock Scan”

  1. Adil Says:

    The market looks to be pulling back up, so we need to be careful with the trend, it is something one should be well aware that can change within seconds and if we are not careful with how we work then we could be in several losses, I am trading with OctaFX broker where they have outstanding conditions which includes low spread of 0.2 pips, high leverage up to 1.500 plus much more, so that’s what helps me trade so much easier.