September 15 Triangle Breakout Market Update and Stock Scan

Sep 15, 2015: 12:58 PM CST

Finally!  The market is breaking free – to the upside – from the Triangle Pattern.

Let’s chart the levels and possible outcomes here:

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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!

Right on schedule and exactly as planned, price broke free from the multi-day consolidation (range) and moved into a price expansion swing.

The upside break triggered this morning and today’s session so far has been an expected range expansion (trend) move that continued to the upside, breaking price out of this lengthy range.

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

Breadth across the board is strongly bullish today with all sectors above the 85% Breadth Line (except Materials).

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

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:

Coors Brewing (TAP), Microsoft (MSFT), Nike (NKE), United Parcel (UPS)

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

Sonic (SONC), RLJ Lodging Trust, International Paper (IP), and Hilton Worldwide (HLT)

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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 “September 15 Triangle Breakout Market Update and Stock Scan”

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