Up Again We Go Post-Fed Market Update and Stock Scan June 18

Jun 18, 2015: 1:57 PM CST

Post-Fed Day! Buyers were happy with the Federal Reserve’s statement and thus boosted the market straight up, achieving targets along the way.

The uptrend continues and bullish money flow is once again the driver of the market (in a short-squeeze).

What levels are important now above 2,100? Let’s see them!

Logically speaking, 2,100 is our simple “Key Pivot” reference level and we’ll use it in our short-term planning.

Today – like Tuesday – is developing a strong Trend Day (see our new “Trend Trader’s Perfect Pullback” Lesson Bundle) as price is strongly moving “up away from” 2,100 as expected.

We’re seeing a strong impulsive breakout from the smaller triangle pattern mentioned yesterday.

With price breaking above the 2,115 target and stretching toward 2,125, the pathway is open to trade through to all-time highs (which is exactly what the NASDAQ index did this morning).

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

It’s across-the-board bullishness as “Risk-On” Returns to the markets!

See this morning’s “Intermarket Money Flow Grid after the Fed” update for more information.

With the exception of Energy, all sectors are near the 90% or 100% Bullish level which is just about as strong as you can see.

It’s bullish domination – join the buyers or get out of their way.

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

Biomarin (BMRN), ZELTIQ (returns a second day in a row), Cempra (CEMP), and Royal Caribbean (RCL)

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

Jabil Circuit (JBL), Lumber Liquidators (LL), Ctrip.com (CTRP), and GrubHub (also back for a second day)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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).

3 Comments

3 Responses to “Up Again We Go Post-Fed Market Update and Stock Scan June 18”

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  3. Jackie Says:

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