Normalcy Returns to Stock Market on Wednesday
Normalcy and the ongoing uptrend returned to the stock market today with a break to new swing highs.
After the Fed Minutes were released, stocks broke through the 2,065 resistance level as noted.
Let’s update our levels for the S&P 500 (NYSEARCA:SPY) Index and note the big trending stocks today:
One thing we can’t forget is that the stock market remains in a triple timeframe uptrend or strong bull market.
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Today’s session continued the upside action with a bullish gap and trend day development to the highs.
Let’s see what our Breadth Chart reveals about current market strength (or weakness):
When all sectors are positive, the goal is to buy with the bulls (and avoid the short side of the market).
The weakest sector is Utilities (NYSEARCA:XLU) which is actually a bullish sign.
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:
Fortune Brands (FBHS), Macerich (MAC), Aramark (ARMK), and Kite Pharma (KITE)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Qualcomm (QCOM), Citrix (CTXS), Wynn Resorts (WYNN), and Target (TGT)