Turnaround Tuesday Market Update and Stock Scan Jan 13

So far today has been a thrilling session.

Let’s jump straight into our mid-day “turnaround” update and plot levels and trending stocks that are important.

We’ll start as usual with our S&P 500 level chart:

Be sure to start with this morning’s update on “Support and Resistance Planning for the S&P 500 and Dow Jones” which highlights the higher frame breakout trigger levels.

Price did break free of these trendlines and pushed lower toward the 2,000 target which was almost achieved in a single session.

Note the reversal up off the 2,010 level and focal points of 2,025 and 2,010.

What is Sector Breadth revealing about today’s session? Let’s discover together:

Unlike yesterday (where Utilities were the weakest sector), Utilities are the strongest sector today with over 60% of stocks positive.

All other sectors trail Utilities as the Materials sector is the worst performer on today’s reversal.

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

Pharmacyclics (PCYC), Parexel (PRXL), Fidelity (FNF), and McGraw-Hill (MHFI).

Potential downtrending candidates exist in stocks showing relative weakness today:

GoPro (GPRO), Urban Outfitters (URBN), D.R. Horton (DHI), and Advance Auto Parts (AAP).

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 Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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).