Buyers win again! That’s the case almost every day now so perhaps this shouldn’t be a surprise.
Price moved – as logic suggested – up away from the 2,070 level toward 2,100 where we are currently.
What levels are important now into 2,100? Let’s see!
Logically speaking, 2,100 is our simple “Key Pivot” reference level and we’ll use it in our short-term planning.
We’re outright bullish for more pro-trend (bullish) continuation above this level.
However, we’ll be cautious right now because the 2,100 target is in sight for today’s session.
A Trend Day (see our new “Trend Trader’s Perfect Pullback” Lesson Bundle) developed, taking price up away from the 2,070 level to where we are currently.
Let’s dig into Breadth to see additional clues about the health of the current rally.
Let’s see what our Breadth Chart reveals about current market strength (or weakness):
We’re actually seeing across the board Bullishness with a slight tilt to the defense.
The strongest sector today is the defensive “Staples” with Financials trailing Staples.
Despite these two, strength (breadth) is consistent which supports the bullish price action today.
Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:
COTY, Estee Lauder (EL), Axis (AXS), and Weyerhaeuser (WY)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Bloomin’ Brands (BLMN), Oshkosh (OSK), Terex Corp (TEX), and Southwest Airlines (LUV)
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Corey Rosenbloom, CMT
Afraid to Trade.com
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