Halloween Market Update and Stock Scan of the Day

Bycjrosen

Happy Halloween!  The market spooked both the bulls with an end-of-day reversal (and close at the lows) but not before haunting the short-sellers (bears) with a new swing high.  Very scary!

Let’s update our levels for the S&P 500 Index:

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In the post-Fed rally, stocks again made a new swing high on weak volume, momentum, and internals.

Odds are shifting once again to favor another short-term pullback (retracement) away from the 2,090 level.

Focus on 2,090 – and then 2,100 if above it – and the current breakdown swing away from 2,085.

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

We had mixed information today as Financials were week while Utilities were strong – a bearish sign.

But wait – strength across the board concentrated in the Risk-On Offensive sectors – and NOT the defensive names like Staples and Health Care.

Caution is key when we’re not seeing clear direction in price, breadth, or sector rotational money flow.

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:

Cooper (COO), Ctrip.com (CTRP), Bed Bath and Beyond (BBBY), and Fossil Group (FOSL)

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

Illumina (ILMN), Canadian Pacific Railway (CP), Apple Inc (AAPL), and GoPro (GPRO)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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