Sept 23 Range Day Update and Power Trenders Scan

Sep 23, 2015: 1:11 PM CST

An upside rally took price into 1,950 on negative divergences while a Trading Range gripped the market.

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

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Price found key support just above 1,930 – note the positive divergences mid-day yesterday.

From that base, buyers staged a rally 20 points higher into today’s target at the Round Number 1,950 level.

This time, negative divergences undercut the rally and price fell all the way to the green support line.

Once again, a rally occurred which establishes a short-term (intraday) trading range which guides our trades.

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

On today’s Range Day volatile session, we have mixed information from Sector Money Flow.

The strongest sector today is the defensive Utilities Group while we see strength also in Staples and Health Care.

However, bullish (offensive) groups Financials and Technology are showing relative strength as well.

The mixed picture is what we would typically expect from a range or consolidation session like we’re seeing.

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:

BioMed Realty (BMR), Imperva (IMPV), Motorola (MSI), and NASDAQ Inc (NDAQ)

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

WYNN Resorts, Las Vegas Sands (LVS), Plains All American (PAA), and Vulcan Materials (VMC)

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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 23 Range Day Update and Power Trenders Scan”

  1. Asim Says:

    The market seems to be in mixed trend at the moment and I am sure most traders will be waiting for right moment; it is silly to go on too early since we will only lose up with that way. I always focus to find right moment and having daily market updates from OctaFX, it helps a lot due to the accuracy level while this is absolutely free as well, so that makes it great for me to start my day off with and mostly ends giving me fair amount of profits.