Yes Stocks can Still Fall Market Update and Trending Stock Scan Feb 27

Feb 27, 2015: 2:01 PM CST

Strangely, stock prices can actually fall and today’s session so far is a very similar if not almost identical repeat of yesterday’s morning session.

We’ll be following and trading price action with respect to whether today fully repeats yesterday or else creates a new intraday structure at key levels.

Here’s the Structure and Planning Levels on the S&P 500 intraday:

Today’s session opened with a quick sell swing that – like many other days before it – saw a bullish intervention short-squeeze the market higher.

It would appear that the natural course of the market (short-term) is toward the downside, retracing the strong bullish movement.

So far, the intraday chart above shows a jumbled mess of price overlap between the 2,100 (pivot) and 2,120 level

Look for additional downside price action – and bearish trades to trigger – on a movement down away from 2,110.

Otherwise, this market is amazingly short-squeeze intervention bullish above 2,114.

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

Sector Breadth – like price – is mixed across the board.

All sectors trade near the 50% or halfway Breadth level, though Staples is the slight winner today.

Caution is the goal when a bull/bear signal (sector strength) isn’t abundantly clear.

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

Monster Beverage (MNST), Ross Stores (ROST), DigitalGlobe (DGI), and Coca-Cola (KO)

Potential downtrending candidates exist in stocks showing relative weakness today:

Ingram (IM), CST Brands, Kroger (KR), and GoPro (GPRO)

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Corey Rosenbloom, CMT
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2 Responses to “Yes Stocks can Still Fall Market Update and Trending Stock Scan Feb 27”

  1. Coetzer Says:

    Market seems to be so confusing over last few months as the trend looks really mix but I am thinking that this will change with getting really bearish especially in EU pairs and I am lucky enough to know all about it because I am using OctaFX broker’s analysis service where I not just follow it to trade but I understand it and that helps me been aware of all the situation so I can trade so much better without even too much risk.

  2. Vettori Says:

    It’s fairly risky trading on Stocks for many reasons, I believe if we want to do trading on stocks then we need to be very careful, It’s great to have blogs like these to help us out. I always prefer to keep update with the market; this blogs helps in that in a grand way. Also, my broker OctaFX is pretty similar with providing daily market updates for free of charge, it’s simple to follow yet highly effective which makes thing work so much better for me.