Retracing Market Update and Stock Scan July 21

Bycjrosen

An actual retracement!  Prices can actually fall!  We’re all so surprised!

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

A lengthy rally with negative divergences set the stage for today’s pullback away from the 2,175 level.

Price fell all the way toward the 2,160 target before reversing up away from 2,160 on positive divergences.

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

Our Sector Strength (Money Flow) shows across the board weakness EXCEPT in the Defensive Groups.

Utilities and Health Care were the strongest sectors followed by Consumer Discretionary.

Energy is today’s weakest group.

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

Pulte Groups (PHM), eBay, IMAX Corp, and Biogen (BIIB)

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

Southwest Airlines (LUV), Sherwin-Williams (SHW), Raytheon (RTN), and Nike (NKE)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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