Stabilizing Market Update and Stock Scan October 16

Oct 16, 2014: 1:15 PM CST

We’re putting the pieces back together from a broken market yesterday!

An afternoon violent “V-Spike” Reversal took us right back to where we opened, and today’s session took us just above that level where we are at mid-day.

Here’s our S&P 500 update and trending stock scan for the day:

After a market collapse (vacuum of buy orders) swept shares yesterday morning, we’re retracing back to where we ended the day Monday afternoon near the all-important 1,875 pivot level.

We’ll use this as our focal level and trade bullishly for an intraday reversal above but bearishly (to continue the trend into resistance) under 1,870.

Sector Breadth – like price – has turned much more bullish since yesterday:

Our strongest sectors are the offensive/bullish names and this time, Energy is the top performer of the day after a string of losses.

Industrials and Materials – along with Discretionary and Financials – also comprise bullish strength on a bullish day.

We finally have uptrending bullish intraday candidates today:

Chesapeake Energy (CHK), Snap-On (SNA), United Health Group (UNH), and Wynn Resorts (WYNN).

Top bearish downtrending candidates include the following stocks:

Ebay, Wal-Mart (WMT), Edwards Lifesciences (EW), and Tyson Foods (TSN).

Join me live for a special presentation with 8 speakers in an all-day educational event Saturday!

Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to

Follow Corey on Twitter:

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).

Comments Off on Stabilizing Market Update and Stock Scan October 16

Comments are closed.