Pullback Market Update and Big Trending Stock Scan May 11

May 11, 2016: 1:04 PM CST

The “bullish reversal play” was successful and price traded down again its short-term target today.

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

As we saw from this morning’s post and the prior planning in the membership, price successfully rallied up away from the 2,040 pivot (on massive positive divergences) toward upper targets.

Yesterday price traded into the 2,080 (2,077 in the @ES Futures) on negative divergence (see chart above) and we’re now seeing the short-term pullback (retracement) as expected and planned.

We’re watching the 2,070 level and noting any reversal or continued breakdown at this pivot target level.

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

Energy is the strongest sector today by far as Crude Oil blasts strongly higher.

All other sectors are weak today and beneath the 40% Positive Breadth Level.

We’re seeing across-the-board selling pressure (except of course in Energy).

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:

Albemarie (ALB), Electronic Arts (EA), Blue Buffalo (BUFF), and ConocoPhillips (COP)

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

Fossil Group (FOSL), Macy’s (M), Simon (SPG), Wal-Mart (WMT)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Pullback Market Update and Big Trending Stock Scan May 11”

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