Sell Swing Market Update and Stock Scan Feb 2

Feb 2, 2016: 3:04 PM CST

Stocks fell sharply from a key overhead resistance target – with divergences – to produce today’s Trend Day Down.

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

For members last night and on the TradeStation Morning Market Briefing, I highlighted the 1,945 level as the key pivot point (target) for price to play toward (successfully) and now “away from” (successfully).

The result so far has been a T3 Trend Day to the downside as price impulsively moved lower toward our 1,900 target.

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

Our Breadth Chart shows strong “Risk-Off” or defensive Money Flow in today’s sell session.

Utilities – a defensive group – is the strongest sector while all other sectors are near zero breadth.

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:

Michael Kors (KORS), Dow Chemical (DOW), Dupont (DD), and Mattel (MAT)

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

Harris Corp (HRS), Microsoft (MSFT), ADT Corp (ADT), and Goldman Sachs (GS)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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2 Comments

2 Responses to “Sell Swing Market Update and Stock Scan Feb 2”

  1. Johan Says:

    Nice charts and analysis!

    Best Trading,
    Johan Nordstrom
    http://www.tradingwalk.com

  2. Jason Holder Says:

    The fall is definitely pretty big; I guess it is that sort of the time where we will often see the bear taking over, I feel proud to be here, as this blog is always on the spot as far market updates are concerned, I am working with http://www.tradewisefx.com/ broker and before trading I always check here for updates, it really makes trading all so easy for me and profit comes regularly which is obviously what everyone wishes for!