Range Day Bounce Market Update with Stock Scan Sept 29

Sep 29, 2015: 3:13 PM CST

After a stellar trend day down yesterday, odds favored a Range Day Consolidation for today, which is precisely what occurred on positive divergences.

Let’s update our levels and expectations:

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

“Price is in a short-term downtrend on the intraday movement down away from 2,000 and the next immediate move could be a bounce or swing (retracement) up away from 1,880.  If so, look to trade an intraday bounce tomorrow toward 1,900.”

That’s precisely what happened on the morning session as stocks rallied sharply higher into our 1,900 target and then down from there to complete a Range Day or Consolidation session as was logical.

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

All sectors except Discretionary and Staples – both consumer sectors – were above their 50% Breadth Line.

The strongest sector today was yesterday’s weakest:  Health Care.

All other sectors performed similarly with few stand-out names.

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:

58.com Inc (WUBA), Kimco Realty (KIM), Equity Residential (EQR), and Teradata (TDC)

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

Stratasys (SSYS), Shell Midstream (SHLX), Trex Co, and Under Armour (UA)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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