TradingGods.net

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.

 

By Corey Rosenbloom

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.

Retirement Day Trader - eBook

Sign up for our Newsletter & get the FREE eBook
Retirement Day Trader:
How to Sell Weekly Options for Steady Income

  • This field is for validation purposes and should be left unchanged.

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)