Range Day Market Update and Moving Stock Scan May 26

May 26, 2016: 2:34 PM CST

After two strong bullish breakout (trend) days, we’re seeing a logical consolidation at the highs.

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

The S&P 500 Index developed a support shelf into 2,090 and a resistance ceiling near 2,095.

We’ve been in a five-point range for almost two whole sessions now, and we’ll focus on these levels.

A breakout – one way or another – is the next likely tradable swing.  Don’t be biased – let price tip its hand and join with the winning side.

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

The Money Flow or Sector Strength picture reveals strength in the Defensive Groups, especially Staples and Utilities.

With the range, this tilts the odds that price is more likely to trade lower than higher from the range.

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:

Dollar Tree (DLTR), Lions Gate (LGF), Copart (CPRT), and Conagra Foods (CAG)

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

Ionis Pharma (IONS), Carnival (CCL), Myriad (MYGN), and Abercrombie & Fitch (ANF)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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