The Big Cross Current Market Update and Stock Scan Mar 21

Mar 21, 2016: 1:33 PM CST

There’s certainly conflict between bulls and bears in the market today!

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

After the Federal Reserve Rally last week, stocks broke higher and stalled into the 2,050 target level.

Buyers and sellers battled each other to form a Trading Range on the chart between 2,045 and 2,052.

While we’re seeing a tepid breakout occur right now, we’re not yet seeing confirmation from internals.

Let’s be cautious with respect to a possible breakout or return back under 2,052 to re-enter the range.

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

Despite the bullish activity, we’re seeing more signs of caution/warning from Sector Strength.

Our strongest two sectors of the day are Staples and Utilities, typically defensive (Risk-Off) groups.

Otherwise the other sectors are at or beneath 50% Breadth.

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:

Valspar (VAL), Starwood Hotels (HOT), Novartis (NVS), and Gilead Sciences (GILD)

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

Sherwin-Williams (SHW), Diamond (DRII), DISH Network, and Lululemon (LULU)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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3 Comments

3 Responses to “The Big Cross Current Market Update and Stock Scan Mar 21”

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