Triangle Midday Market Update and Stock Scan July 26
Tue, Jul 26, 4:11 PM ET, by Corey Rosenbloom
Today’s market activity was a volatile, big swing event that resulted in an intraday triangle pattern.
Let’s update our levels for the S&P 500 Index and note the big trending stocks today:
Price continues to trade within the wider range between the 2,160 and 2,175 level.
While it’s a lengthy consolidation rectangle, today saw a tighter triangle compression take hold near 2,165.
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Let’s see what our Breadth Chart reveals about current market strength (or weakness):
ZERO stocks in the Utility sector were positive today and 10% of stocks in Staples were positive.
This suggests a bullish edge to Money Flow as seen at the sector performance level.
All Offensive Sectors were above 50% and trending higher as seen in the grid above.
Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:
Wolverine (WWW), Texas Instruments (TXN), Analog (ADI), and Caterpillar (CAT)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Cadence (CDNS), McDonald’s (MCD), Reynold’s (RAI), and Coors Brewing (TAP).
See this morning’s update about McDonald’s (MCD) collapsing.
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Corey Rosenbloom, CMT
Afraid to Trade.com
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Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
SDI Glossary: "Bearish" Definition
SDI Glossary: "CD" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Money" Definition
SDI Glossary: "Sector" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "TA" Definition
SDI Glossary: "Trend" Definition
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