Sept 21 New Range Market Update and Big Stock Scan
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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Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
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).
The market seems to be neutral so doing scalping here might be useful, but we need to be extremely careful in how we work as that is the only way we can get results in our favor. I always put first priority on proper analysis and thanks to OctaFX broker, I am able to do it perfectly with their cTrader contest where all the technology is highly upgraded plus they have advance charting setup, so that makes analyzing all so much easier to do.