Rally Midday Market Update and Stock Scan Dec 10

Dec 10, 2015: 2:12 PM CST

Today gives us another uptrending session (so far) for stocks as price bounces from the 2,040 pivot.

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

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Buyers reversed the market higher yesterday off the 2,040 higher timeframe pivot level.

We’re seeing the expected rally up toward the 2,065 Midpoint Pivot Target and we’ll watch both 2,060 and 2,065 as key intraday pivots (as we’re seeing mid-day).

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

Our updated Breadth Chart of the S&P 500 shows strength across the board… except Utilities and Materials.

That’s a generally bullish sign (strength everywhere except defensive Utilities).

But before we get too bullish, note that the strongest performing sector today is Health Care.

We’d prefer an offensive sector (like Financials) to hold that title but perhaps it doesn’t matter when the difference is so small.

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:

Ball Corp (BLL), BOFL Holdings (BOFI), BlueBird Bio (BLUE), and Whole Foods Market (WFM)

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

Ciena Corp (CIEN), Omnivision (OVTI), Puma Biotech (PBYI), and First Solar (FSLR)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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