Perfecting the Pullback Market Update and Stock Scan May 31

May 31, 2016: 1:44 PM CST

We were focusing closely on the 2,100 level in the S&P 500.

With divergences this morning, we’re seeing the logical and expected pullback.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

Take a moment to view this morning’s @ES (eMini) update for additional levels and planning.

From that post, we’ve already achieved our 2,087 target we mentioned, and we’re focusing our attention there.

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

We’re seeing weakness across the board except in the Defensive or Risk-Off Sectors (Health Care and Utilities).

Energy is the “strongest” sector with 50% of stocks positive right now.  Caution is warranted.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Tata Motors (TTM), Westar Energy (WR), Transdigm (TDG), LinkedIn (LNKD)

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

Great Plains Energy (GXP), Constellation Brands (STZ), Boeing (BA), and Novartis (NVS)

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Perfecting the Pullback Market Update and Stock Scan May 31”

  1. Arvind Says:

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