Reversal Intraday Update and Stock Scan for Sept 29

Sep 29, 2014: 12:40 PM CST

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).

Afraid to Trade Premium Content and Membership

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

2 Comments

2 Responses to “Reversal Intraday Update and Stock Scan for Sept 29”

  1. Breakdown Intraday Update and Stock Scanning to Start October | Afraid to Trade.com Blog Says:

    […] saw a Fibonacci Retracement grid from our intraday planning from September 29th, and now we see price breaking the lows which opened up the Trend Day and liquidation swing […]

  2. Breakdown Intraday Update and Stock Scanning to Start October - Trading Your Own WayTrading Your Own Way Says:

    […] saw a Fibonacci Retracement grid from our intraday planning from September 29th, and now we see price breaking the lows which opened up the Trend Day and liquidation swing […]