Yet Another Selloff Market Update and Big Trender Stock Scan Sept 4

A sideways Triangle Pattern is forming in the market right now in a consolidation from the collapse.

We have new levels – and new targets – in play.

Let’s chart the levels and possible outcomes here:

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I discussed – and charted – this sideways triangle pattern for members last night.

At the moment, we find ourselves down at the lower support level and actually threatening another bearish breakdown.

If price holds under the 1,910 level and then goes on to break under 1,900, it could lead to another play toward 1,860.

However, we’ll be cautious and look for a bullish bounce through the green zone IF we see a sudden reversal.

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

All sectors are under their 10% Breadth level, underscoring the power of today’s Trend Day lower.

There’s no strength and we should be avoiding stocks or shorting them, as we’ll see below.

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:

Precision Castparts (PCP), B&G Foods (BGS), Aaron’s (AAN), and Belden (BDC)

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

Coca-Cola Enterprises (CCE), SAP, HSBC Holdings, and Honda Motor (HMC)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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