Sept 21 New Range Market Update and Big Stock Scan

Sep 21, 2015: 2:12 PM CST

Today’s session saw a bullish bounce take price higher into resistance as a trading range developed.

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

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Positive divergences developed into Friday’s close at the lows which suggested a possible bullish bounce.

This morning gave us the bullish bounce into Friday’s high – and the higher timeframe target – of 1,980.

NEgative divergences took prices all the way back to the low which created today’s sideways trading range.

Note the midpoint at 1,970 and the new short-term intraday levels as targets and triggers.

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

Despite the range style action, all sectors – except Health Care – are trading near the 80% Breadth level.

This suggests across-the-board bullishness with positive money flow into today’s session.

Strong bullish money flow tends to suggest additional price action higher into the near-term future.

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:

Transcanada (TRP), Westlake Chemical (WLK), Alaska Air (ALK), and Abercrombie & Fitch (ANF)

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

Medivation (MDVN), Illumina (ILMN), GoPro (GPRO), and Seattle Genetics (SGEN)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Sept 21 New Range Market Update and Big Stock Scan”

  1. Imran Says:

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