Reversal Intraday Update and Stock Scan for Sept 29

Bycjrosen

New low?  Reversal?  Retracement?

Let’s take a look at our intraday S&P 500 for today’s update and highlight the up and down trending stocks of the session for possible opportunities to trade into the close.

We’re taking a broader perspective of the intraday chart to highlight the current (short-term) Fibonacci Retracement levels as drawn.

We note the 38.2% level into 1,986 on the S&P 500 index which served as Friday’s intraday high as price pushed once again this morning off the gap to a new fractional intraday low.

Today’s high so far has been the 1,980 index level.

Monitor the intraday activity of price within the context of Friday’s range and look for bullish breakout trades above 1,986 or otherwise a continuation of the range.

The chart below reflects one of the most bearish indications possible:

With bearish intraday action taking place, sector breadth confirms the selling pressure as the strongest sectors of the day include the “Defensive” or protective sectors of Staples, Health Care, and Utilities.

Technology sneaks in a ‘bullish’ performance (relatively speaking) while the remaining sectors are weak for the bearish session.

Bullish “pro-trend” candidates for today’s session include the following:

Nisource (NI), Adobe (ADBE), FedEx (FDX), Hershey (HSY).

Finally, bearish downtrend continuation candidates include these stocks:

Harley Davidson (HOG), Wynn Resorts (WYNN), Urban Outfitters (URBN), and FMC Corp (FMC).

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Corey Rosenbloom, CMT
Afraid to Trade.com

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