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):
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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.
Let’s see what our breadth chart reveals about current market strength (or weakness):
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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).
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Here are Wednesday’s strongest trending (intra-day) names, candidates for pro-trend continuation:
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TripAdvisor (TRIP), SanDisk (SNDK), Microchip (MCHP), and Nvidia (NVDA)
Bearish downtrending candidates include the following stocks from our weakness scan:
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Wal-Mart (WMT), Colfax (CFX), Best Buy (BBY), and Target (TGT)
By Corey Rosenbloom, CMT, Trader and Blogger, AfraidToTrade.com
