Bull Market Rally Cointinues on Tuesday
The never-ending Bull Market Rally continued today with a new swing high occurring in the S&P 500.
Let’s update our levels for the S&P 500 (NYSEARCA:SPY) Index and note the big trending stocks today:
Logic and negative divergences suggested a downside (bearish) bias going into today’s session – this was confirmed with the initial downside opening gap.
That was all the bearish action we’d see – a swing down toward 2,040 – as buyers rushed in to support the market, generating a reversal and trend day higher.
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Respect the range that’s taking the shape of a “Megaphone” or widening range trendline pattern as highlighted.
Let’s see what our Breadth Chart reveals about current market strength (or weakness):
Much like yesterday, despite the bullish price action we’re seeing caution signs from Breadth/Money Flow.
The strongest sector is Health Care (NYSEARCA:XLH) and all other sectors trade near their 50% ‘halfway’ breadth levels.
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:
Akorn (AKRX), Sealed Air (SEE), VWR Corp, and Holly Frontier Corp (HFC)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Prudential (PUK), Skechers (SKX), Kellogg (K), and Kohl’s (KSS)