Oct 14 Sell Swing Market Update and Big Stock Scan

Bycjrosen

The sell swing away from the 2,020 level continued, though we’re seeing a clear mid-day reversal.

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

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As widely expected, stocks traded down away from the 2,020 level toward – and then under – the 2,000 Round Number Target.

Positive divergences into the 1,995 level set the stage for a spring-bounce rally mid-day.

For now, we’re focusing again on the 2,000 key simple pivot level as our Bull/Bear Price.

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

Sector Breadth paints a mixed picture today with Materials and Energy performing the strongest today.

Our weakest three sectors span the board from Financials to Staples and Industrials.

We’re seeing a mixed price action day which is confirmed by the mixed sector performance data.

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:

TripAdvisor (TRIP), SanDisk (SNDK), Microchip (MCHP), and Nvidia (NVDA)

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

Wal-Mart (WMT), Colfax (CFX), Best Buy (BBY), and Target (TGT)


Corey Rosenbloom, CMT
Afraid to Trade.com

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