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Buyers Push the Market Higher on Thursday

Not to be outdone by sellers, buyers rushed to short-squeeze the market sharply higher today.

 

By Corey Rosenbloom

This thrust price into the underside of the 200 day SMA target.

Let’s update our levels for the S&P 500 Index:

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An initial gap ignited a powerful short-squeeze breakout and bullish surge that trapped the bears today.

The result has been an “alternate thesis” powerful Trend Day that took price just shy of the 2,060 target.

See yesterday’s “Pivot Point Planning” for more detailed analysis (including the path to 2,060).

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Let’s see what our Breadth Chart reveals about current market strength (or weakness):

All sectors except Health Care (NYSEARCA:XLH) – as we’ll see shortly – are bullish during today’s session.

There’s little differentiation between the sectors as the money flow has been strong into almost all sectors.

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:

EBAY, Bemis (BMS), Franklin Resources (BEN), and CIT Group

Bearish downtrending candidates include the following stocks from our “weakness” scan:

Envision (EVHC), Team Health (TMH), Under Armour (UA), and American Express (AXP)