We’re seeing another sell-session that’s similar to what we saw Tuesday.
Let’s update our levels and plan the remainder of today’s session:
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Here’s a quote from last night’s member strategy planning report:
“In simpler terms, price has higher odds – from a classical analysis perspective – of trading straight down toward 1,900 then 1,880 or lower to complete a retest or break of the August collapse low. We’ll label this our logical/dominant thesis.”
So far, that’s exactly what we’re seeing in today’s session with the breakdown under support at 1,935.
Price reversed mid-day above 1,910 as the intraday downtrend – for now – continues.
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Let’s see what our Breadth Chart reveals about current market strength (or weakness):
All sectors are weak today except Energy which is at the 50% Breadth Line (50% of stocks are positive).
The defensive Utilities (NYSEARCA:XLU) group – along with Staples (NYSEARCA:XLP) – are the second and third best performers today.
Otherwise, all offensive sectors hover near the weak 15% Bullish Breadth level.
Here’s a top-level or full-perspective view of today’s S&P 500 (NYSEARCA:SPY)stock performance (courtesy of FinViz.com).
Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:
Agnico Eagle (AEM), Royal Gold (RGLD), Randgold Resources (GOLD), and Conagra Foods (CAG)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Fleetcor Tech (FLT), Caterpillar (CAT), Knight Transportation (KNX), and Charter Com (CHTR)