That was a BIG reversal!
Stocks initially traded higher this morning, only to reverse powerfully lower mid-day.
Let’s update our levels for the S&P 500 (NYSEARCA:SPY) Index and note the big trending stocks today:
In-depth analysis is always provided to members of the Premium Daily Reports – I hope you’ll join and benefit.
We’re still in the context of a Sideways Trading Range on the higher timeframe.
See this morning’s post about the S&P 500 Key Pivot Levels for more information.
Receive daily updates, planning, and education by joining the Afraid to Trade Premium Membership.
Let’s see what our Breadth Chart reveals about current market strength (or weakness):
In the context of strong selling pressure, only the Basic Materials sector is positive (above 50%) today.
Next is Utilities (NYSEARCA:XLU) and Energy (NYSEARCA:XLE) while all other sectors are clearly underwater (under 50%).
It suggests bearish money flow and a defensive posture today.
Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).
Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:
Dupont (DD), Dow Chemical (DOW), WYNN Resorts, and Urban Outfitters (URBN)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Electronic Arts (EA), Lululemon (LULU), NetApp (NTAP), and Whirlpool (WHR)