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Market Update and Daily Stock Scan
09/03/2014 7:00 am EST
After the long Labor Day weekend, the market returned to volatility on Tuesday, so technician Corey Rosenbloom of AfraidToTrade.com charts the broader S&P 500, notes the key levels, and highlights his trending stock scan for the day.
After a holiday weekend, the market returned with a volatile Tuesday!
Let’s chart the broader S&P 500 (SPY), note key levels, and then highlight our trending stock scan of Tuesday.
We’ll focus on the small intraday rectangle (highlighted) developing near the 1,995 and 2,005 levels in the S&P 500.
A surprise break above simply continues the trend and short-squeeze in motion; however, logic and indicators do suggest a tip in the probability to favor a downward retracement and bearish price pathway under 1,995.
Sector Breadth was interesting Tuesday afternoon:
Breadth is interesting because two main sectors—Energy and Utilities—have zero stocks (in the S&P 500) trading positive on the session.
Our strongest sector is Industrials followed by traditionally bullish Financials and Consumer Discretionary.
Usually on a bearish or sell-session like Tuesday morning, you would see strength in Utilities and Staples with weakness in the other sectors but that was not the case Tuesday.
While we turn away from Breadth, we can focus on potential bullish trend continuation candidates:
Downtrending (bearish) intraday candidates include the following stocks:
By Corey Rosenbloom, CMT, Trader and Blogger, AfraidToTrade.com
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