Big Holiday Bullish Trend Day and Surging Stock Scan
12/30/2015 7:00 am EST
Given the price action, Corey Rosenbloom, of AfraidToTrade.com, shares a list of Tuesday’s strongest trending (intra-day) names—candidates for pro-trend continuation—as well as the bearish downtrending stock candidates from his weakness scan.
Another holiday week bullish breakout triggered with Tuesday morning’s gap, creating a bullish short-squeeze.
Let’s update our levels for the S&P 500 Index (SPX) and note the big trending stocks Tuesday:
Monday saw an initial decline from the 2,065 pivot toward the 2,045 target.
We were to play bullish if above 2,060 and then 2,065, which was, again, the correct strategy (we’re now at 2,080).
Let’s see what our breadth chart reveals about current market strength (or weakness):
Unlike Monday, all sectors and almost all stocks (97% of the Dow Jones; 91% of the S&P 500 (SPX)) are bullish.
With this type of money flow and price action, we’re only allowed to trade long/bullishly into the impulse.
Here’s a top-level—or full-perspective—view of Tuesday’s S&P 500 stock performance (courtesy of FinViz.com).
Here are Tuesday’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