Tax Day Big Bullish Market Update and Stock Scan

Apr 15, 2015: 1:03 PM CST

I hope you’re not shorting this bull-dominated market!  Or at least haven’t shorted over the last two sessions.

Let’s dive inside action and note key levels and the trending stocks of the bullish day:

Be sure to brush up on this morning’s “S&P 500 Range Planning” post which sets the stage for the mid-day.

We’re seeing price action scrape against the upper resistance pivot into 2,110 which threatens a larger breakout.

Should stock prices continue trading higher from here, we would expect another rally like that of February’s break.

Until then, continue focusing on the 2,110 level and today’s 2,108 pivot where we’ll be cautious under 2,108.

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

You’re probably not surprised to see bullish domination everywhere except the defensive Consumer Staples.

Ultimately, days like this have us buying strong stocks in strong sectors and avoiding all else.

The other strange pocket of weakness is Consumer Discretionary along with Health Care.

We have potential bullish trend continuation plays in the following stocks from our scan:

Big moves are coming from Toronto-Dominion (TD), Tenaris (TS), Flowserve (FLS), and Halliburton (HAL)

Potential downtrending candidates exist in stocks showing relative weakness today:

NuVasive (NUVA), Molina (MOH), Health Net (HNT), and Anthem (ANTM)

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Tax Day Big Bullish Market Update and Stock Scan”

  1. Mukhesh Says:

    We need to be really careful in big days like this because the market can do anything and there is really nothing that is guaranteed, so if we want to do well then we must be careful in big events like these. I trade with OctaFX broker and due to their fantastic Economic Calendar, it is highly helpful to get success and also I can see all the news according to my time zone, it gives me so much comfort.