Sept 24 Another Down Day Update and Big Stock Scan

Sep 24, 2015: 1:15 PM CST

We’re seeing another sell-session that’s similar to what we saw Tuesday.

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

In-depth analysis is always provided to members of the Premium Daily Reports – I hope you’ll join and benefit.

Here’s a quote from last night’s member strategy planning report:

“In simpler terms, price has higher odds – from a classical analysis perspective – of trading straight down toward 1,900 then 1,880 or lower to complete a retest or break of the August collapse low.  We’ll label this our logical/dominant thesis.”

So far, that’s exactly what we’re seeing in today’s session with the breakdown under support at 1,935.

Price reversed mid-day above 1,910 as the intraday downtrend – for now – continues.

Receive daily updates, planning, and education by joining fellow members of the Afraid to Trade Premium Membership (before subscription prices rise).

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

All sectors are weak today except Energy which is at the 50% Breadth Line (50% of stocks are positive).

The defensive Utilities group – along with Staples – are the second and third best performers today.

Otherwise, all offensive sectors hover near the weak 15% Bullish Breadth level.

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:

Agnico Eagle (AEM), Royal Gold (RGLD), Randgold Resources (GOLD), and Conagra Foods (CAG)

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

Fleetcor Tech (FLT), Caterpillar (CAT), Knight Transportation (KNX), and Charter Com (CHTR)

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Afraid to Trade Premium Content and Membership

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

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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 24 Another Down Day Update and Big Stock Scan”

  1. Sell-Session on Thursday Says:

    […] By Corey Rosenbloom […]