Range Day Market Update and Stock Scan March 2

Bycjrosen

After yesterday’s stellar Trend Day higher, today’s session is a more calm, “range day” type session.

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

A tiny “Bear Trap” under 1,940 set in motion yesterday’s “short-squeeze” and breakout T3 Trend Day.

We typically expect consolidations or range days to develop AFTER such powerful Trend Day sessions.

Right now, that keeps us neutral between 1,980 and 1,970 as highlighted above.

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

After yesterday’s bull-domination day, we’re seeing muted or mixed Money Flow today.

Energy and Utilities – followed by Financials – are the three strongest sectors while others trail behind.

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:

Qihoo 360 (QIHU), American Water Works (AWK), Rayonier (RYN), and Cabot Corp (CBT)

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

Keurig Green Mountain (GMCR), Virgin America (VA), Monsanto (MON), and Dominion Resources (D)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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