Volatile Gappy Market Update and Stock Scan April 8

Apr 8, 2016: 2:32 PM CST

The volatility and gaps continue for us short-term traders in the market.

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

Be sure to start with this morning’s “Emini Breakout and Breakdown Update” for more information.

We’re seeing more Trend Days and intraday gaps than usual, which keeps us on our toes as short-term traders.

Higher volatile environments cause us to pay more attention and – often – decrease position size to adapt.

Nevertheless our current intraday focal levels are the 2,044 and 2,055 S&P 500 pivots.

Receive daily updates, planning, and education by joining the Afraid to Trade Premium Membership.

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

Despite the price action, our Sector Strength grid is bullish/positive.

Almost all sectors are above the 50% Breadth line with Health Care being the weakest of the groups.

Energy and Materials, along with Utilities and Financials, are today’s strongest sectors.

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:

Jack in the  Box (JACK), Korn/Ferry (KFY), Transcanada (TRP), and Canadian Pacific (CP)

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

Under Armor (UA), Gap (GPS), Linked In (LNKD), and Deckers (DECK)

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership 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).

Comments Off on Volatile Gappy Market Update and Stock Scan April 8

Comments are closed.