Sell Swing Market Update and Big Stock Scan June 8

Jun 8, 2015: 1:59 PM CST

The sell-swing continued this morning although mid-day we’re seeing a possible big bullish reversal.

Is a reversal building off the 2,090 target? Let’s chart the evidence.

Start with this morning’s update “The Battle to Hold the S&P 500 Trendline” for more planning details.

As we update today’s intraday session, we’re going to tilt bullish/reversal due to the lengthy positive momentum and internal (TICK) divergences as highlighted.

The powerful bullish impulse we just saw resulted in a New TICK High – a Kick-Off Signal of possible Reversal.

Look to play bullishly above 2,085 and 2,090 toward 2,100 or higher than that.

Otherwise, a break back under 2,085 – and then under 2,080 – is the sell-swing/trendline breakdown bearish catalyst.

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

Breadth is mixed but the strongest sector today is Staples, followed by Health Care and then Financials.

The three Defensive Names:  Staples, Health Care, and Utilities – are strong during toady’s sell-session.

Again, we’re looking for a possible reversal so if Sector Breadth shifts bullish, be sure to shift with it.

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Deutsche Bank (DB), Tesla Motors (TSLA), Sealed Air (SEE), and CyberArk Software (CYBR)

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

Sprouts Farmers Mkt (SFM), Michaels (MIK), WYNN Resorts, and Delta Airlines (DAL)

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Corey Rosenbloom, CMT
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2 Responses to “Sell Swing Market Update and Big Stock Scan June 8”

  1. Dean Says:

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