Retracing Market Update July 5 and Big Stock Scan

Jul 5, 2016: 1:46 PM CST

We’re seeing a logical sell-swing retracement in the market to a key target level.  Let’s focus on it now.

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

After four up-days in a row following the Brexit, we’re seeing a stable retracement down away from the 2,100 target level.

We have new @ES Fibonacci Grid levels for short-term or intraday traders as seen in this morning’s post.

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

As is typical Money Flow behavior, our three strongest sectors today are the “Defensive” or Risk-Off Group of Staples, Utilities, and Health Care.

All other sectors are weak while no stocks are positive right now in the Energy sector.

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:

National Storage (NSA), Proctor & Gamble (PG), Realty Income (O), and Rangold (GOLD)

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

Prudential (PUK), BT Group (BT), CVENT (CVT), and ASML Holdings

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Retracing Market Update July 5 and Big Stock Scan”

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