Post-Fed Bullish Surge Update and Stock Scan March 17

Mar 17, 2016: 2:49 PM CST

Thank you Janet Yellen and the Fed!

Regardless of the reason, stocks bolted higher, breaking resistance and triggering another “T3 Trend Day” Up.

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

We were focused on the 2,020 and 2,025 upside resistance and the potential “bullish breakout/short-squeeze” that would trigger above this level.

Yesterday and today we see the result of the breakout – a strong trend day and bullish surge into the market.

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

Despite the strong, persistent bullish price action, Health Care is weak today along with Staples.

That’s logical as these two sectors – with Utilities – are “defensive” or Risk-Off groups.

All other sectors are at or above the 80% (stocks positive) Breadth Line, revealing strength to this rally.

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:

FedEx (FDX), Greatbatch (GB), New Oriental Education (EDU), and General Electric (GE)

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

NONE!  We don’t short-sell on power-bullish days like this.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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