June 24 Trend Day Stock Scan and Market Check

Logic suggested a downward swing away from resistance today and that’s precisely what we saw.

What’s going on now and what levels are important? Let’s see:

Here’s a key strategy planning quote from last night’s members-only update:

“Using that logic, our RANGE CONTINUATION Dominant Thesis – as yesterday – will call for trading the market short/bearishly on a logical movement DOWN AWAY FROM the 2,125 overhead resistance level toward 2,110 or lower.”

And as expected, price did move “down away from” the resistance highs “toward” our lower initial target.

Now, we watch positive divergences take place into our target which sets up tomorrow’s strategy session.

For now, let’s enjoy the simplicity and efficiency of today’s strong Trend Day down.

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

Sector Breadth today confirms the expected sell (retracement) swing in the market.

All sectors are weak today with Financials, Tech, and Materials showing relative weakness.

Our strongest sector (30% of stocks positive) is the defensive Consumer Staples sector.

Monitor the movement and money flow here which – so far – reflects a strong Risk-Off posture.

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

Sysco (SYY), Realogy (RLGY), Autohome (ATHM), and AutoNation (AN)

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

FMC Corp, General Motors (GM), JB Hunt (JBHT) and Monsanto (MON)

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).