Riveting Range Market Update and Stock Scan March 24

Mar 24, 2016: 1:33 PM CST

The expected pullback (retracement) continued today with a gap-down toward our 2,025 target.

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

As I’ve been highlighting to members, we were targeting a pullback “down toward” the 2,025 level (minimum target) which is a price confluence at the 200 day Simple Moving Average (daily chart).

At this point, we’re neutral with price initially bouncing up off the target level.

Use 2,030 as an intraday pivot (bull above) and 2,025 as a bearish breakdown pivot as well.

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

Breadth is weak (bearish) across the board except for Utilities which is a defensive group.

The grid suggests caution/bearish confirmation even though Energy is at the 50% line (all other sectors are lower).

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:

Accenture (ACN), PHV Corp, Cognizant Tech (CTSH), and Terex (TEX)

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

Portola Pharma (PTLA), Smith & Wesson (SWHC), Prudential (PRU), and General Dynamics (GD)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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