Sept 16 Rally Update and Big Stock Scan

Sep 16, 2015: 12:57 PM CST

Yesterday’s strong money flow suggested additional upside price action – and that’s exactly what we got.

Let’s update our levels and plan the remainder of today’s session:

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First, be sure to read last Friday’s post “The End is Near for the S&P 500 Triangle” – the end was today!

Yesterday’s Market Update Post stated:

“Money Flow is strong into the market which supports the breakout and suggests even higher future prices.”

We did see future price action higher into the 1,990 level where now we’re monitoring negative divergences and price weakness as we move toward the afternoon session.

Watch the rising intraday moving averages and note if price does break under them which could stall the trend.

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

Yesterday’s session saw across the board strong breadth but today – despite higher index prices – we’re seeing a mixed picture.

All sectors are strong though not as strong as yesterday.

Health Care is the weakest sector with many biotech names (pharmaceuticals) weak today.

It’s not necessarily a bullish sign when the day’s strongest sector is the defensive Utilities.

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:

Plum Creek Timber (PCL), Ahueuser-Bush InBev (BUD), Unilever (UL), and Energen (EGN)

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

PTC Thera (PTCT), Community Health (CYH), Alder BioP (ALDR), and Tableau Software (DATA)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

One Response to “Sept 16 Rally Update and Big Stock Scan”

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