Reversal Market Update and Stock Scan of the Day July 7

Jul 7, 2016: 2:24 PM CST

We’re seeing a slight Bull Trap and continuation of our higher frame range for the market today.

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

The up-swing rally away from the 2,080 pivot continued with price initially pushing – on negative internal divergences – beyond the 2,100 “Round Number” Target.

Sellers stepped in as buyers took profits, resulting in a reversal back under 2,100 to our 2,090 support line.

We’re again focusing on the interplay between 2,090 and 2,100 for the remainder of the session as a positive divergence sets in motion a likely upswing into the close.

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

Would you believe zero Utilities Sector stocks are positive today?

Also Energy is weak while all other sectors – except Staples – are strong.

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:

Costco (COST), Blue Buffalo (BUFF), 2U (TWOU), and Weibo (WB)

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

Humana (HUM), Corporate Office (OFC), UDR, and Rangold (GOLD)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Reversal Market Update and Stock Scan of the Day July 7”

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