Oct 14 Sell Swing Market Update and Big Stock Scan

10/15/2015 7:00 am EST

Focus: STOCKS

Corey Rosenbloom

Founder and President, Afraid to Trade

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

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