Selling Pressure Continues Market Update and Stock Scan May 4

May 4, 2016: 1:16 PM CST

Price broke support to new swing lows today as a deeper retracement takes hold of the market.

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

The intraday chart shows a short-term downtrend (lower lows and lower highs) with price dropping to new lows under 2,050 today.

We can see how momentum and internals called our short-term reversals in price which set-up good trading opportunities.

At this point, price is failing to bounce and we’ll focus our attention on the departure from the 2,045 and 2,050 current levels.

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

You may be surprised that two sectors are positive – 70% and 90% of stocks respectively – with today’s tide of selling.

Staples and Utilities – our Defensive or Risk-Off Sectors – are positive while all other groups are negative today.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of

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

IAC, Kraton (KRA), Chuy’s (CHUY), and Zillow (ZG)

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

Priceline Group (PCLN), Rangold (GOLD), Under Armour (UA), and PACCAR (PCAR)

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Selling Pressure Continues Market Update and Stock Scan May 4”

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