We started the day with an up-gap and have seen a Trend Day ever since.
Let’s update our S&P 500 intraday chart, highlight sector breadth, and note the strong trending stocks of the day.
We’ll start with the intraday update of the S&P 500:
We’re monitoring if we’re seeing a slight repeat of August 11th where another upside gap resulted in a trend day higher.
However, that tren dday failed into a “Rounded Reversal” and we’ll focus our attention on the 1,945 level and the higher frame resistance into 1,948 as I mentioned in this morning’s update.
Do note the divergences which you can see clearer on the 5-min chart above.
Sector Breadth sends an “Across the Board” Bullish Message currently:
With all nine sectors strong – except Consumer Discretionary – we don’t have much distinction among money flow.
We’ll note this as a broader bullish message, but would prefer to see Consumer Discretionary at a higher level than 60% positive.
Speaking of bulls, let’s shift our attention to bullish-trending stocks for potential buy-trades the rest of the day:
Health Care REIT (HCN), Covidien (COV), Nucor (NUE), and Essex Property Trust (ESS).
We actually do have decent downtrending bearish potential candidates today:
Macy’s (M), Mosaic Co (MOS), Fossil Group (FOSL), and Urban Outfitters (URBN).
Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade