Most investors don’t know it, but wholesaling used cars is a red-hot business. This is why Cop...
Oct 14 Sell Swing Market Update and Big Stock Scan
10/15/2015 7:00 am EST
Corey Rosenbloom, of AfraidToTrade.com, points out the clear mid-day reversal he was seeing in the S&P 500 index on Wednesday and highlights the day’s strongest trending names (or the candidates for pro-trend continuation) as well as the bearish downtrending candidates from his weakness scan.
The sell swing away from the 2,020 level continued, though we’re seeing a clear mid-day reversal on Wednesday.
Let’s update our levels for the S&P 500 Index (SPX):
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.
Let’s see what our breadth chart reveals about current market strength (or weakness):
Sector breadth paints a mixed picture Wednesday with Materials and Energy performing the strongest Wednesday.
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 Wednesday’s S&P 500 stock performance (courtesy of FinViz.com).
Here are Wednesday’s strongest trending (intra-day) names, candidates for pro-trend continuation:
Bearish downtrending candidates include the following stocks from our weakness scan:
By Corey Rosenbloom, CMT, Trader and Blogger, AfraidToTrade.com
Related Articles on STOCKS
That doesn’t mean Best Buy (BBY), Target (TGT), Macy’s (M), Home Depot (HD) or others ar...
For those new to trading, new to me, or my methodology, I think the following ground rules will help...
When it comes to new technology, nothing’s quite as cutting edge as driverless cars, or autono...