Triangle Midday Market Update and Stock Scan July 26

Jul 26, 2016: 3:05 PM CST

Today’s market activity was a volatile, big swing event that resulted in an intraday triangle pattern.

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

Price continues to trade within the wider range between the 2,160 and 2,175 level.

While it’s a lengthy consolidation rectangle, today saw a tighter triangle compression take hold near 2,165.

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

ZERO stocks in the Utility sector were positive today and 10% of stocks in Staples were positive.

This suggests a bullish edge to Money Flow as seen at the sector performance level.

All Offensive Sectors were above 50% and trending higher as seen in the grid above.

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

Wolverine (WWW), Texas Instruments (TXN), Analog (ADI), and Caterpillar (CAT)

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

Cadence (CDNS), McDonald’s (MCD), Reynold’s (RAI), and Coors Brewing (TAP).

See this morning’s update about McDonald’s (MCD) collapsing.

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Triangle Midday Market Update and Stock Scan July 26”

  1. Sultan Says:

    This looks pretty peak place now, so perhaps we could gain more if we enter at pull back or perhaps we could go for reversal, but then that’s slightly riskier. I mostly play it safe and due to broker like OctaFX, it’s ever easy and nice which is to do with the outstanding conditions which counts up with small spreads, high leverages and mammoth bonus which is up to 50% and is trade able too, so that’s why I find it incredibly cool.